The make-up of Meridian Idaho real estate has been changing over the year. That is, the number of non-foreclosures greatly exceeds the number of foreclosure sales. As you can see in the graph below, the disparity has grown in recent months. For instance, there were 133 non-foreclosure sales in October. Meanwhile, just 34 foreclosure properties sold, or only 20% of the market share. Compare that to January where the foreclosures nearly equaled the number of traditional sales. When referring to foreclosure data on real estate in Meridian, we are gathering numbers for bank-owned homes, HUD properties, and short sales.
The growing trend in the Meridian Idaho real estate market for traditional sales can also be seen when comparing year-over-year data. For example, of the 200 home sales in August this year, 153 were non-foreclosures. That means the foreclosure market share was only 23.5%. Comparatively, in August last year there were 166 total home sales and 87 were non-foreclosures. So, the foreclosure market share in Aug. 2011 was nearly half of the total sales- at 47.6%.
Median home prices are also rising for Meridian Idaho real estate. September saw the highest median price we’ve seen in years at $189,450. And, since July, those numbers have been steady. Overall, according to the graph below, the median sold price for Meridian Idaho real estate has been higher this year than in years past, with only a few exceptions.
Home sales in the Meridian ID real estate market have been fairly strong for the first half of 2012. Although 2012 total home sales in Meridian Idaho dipped below both the 2010 and 2011 levels in January, they started to rebound in February. The Meridian Idaho real estate market finished the 1st half of 2012 with the highest monthly total sales for the year-to-date of 181, slightly ahead of the 178 sales in May, but just below the 182 sales recorded in June 2010.
What is interesting to note is the distribution of sale types comprising these totals. As can be seen in the graph below, as the year progressed non-foreclosure sales have been making up a larger portion of total sales in the Meridian ID real estate market than foreclosures and short sales. For example, in January 2012, there were 104 total sales, of which only 45 were non-foreclosures, less than half of total sales for the month. Jumping ahead to June, there were 208 total sales, of which 137 were non-foreclosures. This represents a 65.8% market share. In fact, for February through June there were more non-foreclosure sales of Meridian Idaho real estate than bank-owned and short sales combined.
This decrease in foreclosure sales is further illustrated below. Generally, the market share of Meridian Idaho foreclosures for 2010 and 2011 ranged between 40% and 70%. However, the foreclosure market share for the first half of 2012 ranged from a high of 45.8% in January to a low of 24.3% in June.
Of the 153 homes that sold in the Meridian real estate market during the month of July, 40 were bank- owned and 17 were short sales, making Meridian foreclosures 37% of total sales. The graph below shows the Meridian foreclosure market over the last 4 months.
The graph below shows the breakdown of non-distressed, bank-owned, and short sales in the Meridian real estate market over the last 4 months.
The average home sold price in Meridian was $190,644, and the median home sold price was $178, 200.
The majority of homes selling in Meridian are in the North West area of town as you can see in the graph below. NW Meridian accounted for 56% of home sales, while the smallest market share is comprised in SW Meridian at 5%
Data Source: Boise MLS (IMLS). Information deemed reliable but not guaranteed.