As you can see in the graph below Meridian real estate sales have been rising into the warmer months this year. In May of 2014 sales increased by 10% from the previous month. Last year between these two months we saw a similar increase; a jump of 13%. As you can see in the graph below, Meridian real estate sales in 2013 were the very highest in June at 263 homes sold.
Although Meridian real estate sales may not be quite as high as last year, the health of the market is back. Last year potential home buyers may have had an urgency that spurred on purchases as people saw the market bouncing back.
Meridian real estate sales are down by an average of 12% this year, however the health of the market is evident with a record low foreclosure rate and an increased median home sales price.
In May of 2013 the foreclosure rate dropped to an extreme low of 5.5% of real estate sales. It dropped by about 4% from the previous month and by 7.1% from last May of (in 2013- also then seeing an intense decline in the foreclosure rate).
The graph below characterizes the dramatic decreases in foreclosures in the past couple of years. 2012 started out with a foreclosure rate 40% higher than it is today. There was a speedy recovery last year and many home owners have been able to bounce back.
The median home sales price in Meridian this year has been on average 10% higher than the median home sales price of 2013. The median has also increased by about 4% from last May in 2013. The median home sales price tends to fluctuate throughout the year, however you can see in the graph below that the 10% increase we’ve seen this year in median home sales price is a cut above where it was in 2013.
In the graph below you can see that in January of 2014 the Meridian median rose by 23% from the previous year and was an amazing 49% higher than in 2012.