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.
Meridian Real Estate is off to a strong start this year with an increase in home sales, an increase in median home sales price, and a decrease in the foreclosure rate.
As you can see in the graph below, 119 homes sold in Meridian, January of ’14. This is a 23% increase from sales January ’13, and a 43% increase compared to the 83 homes that sold in January of 2012. The rise we have seen in the last 3 years is very consistent. Each year January sales rose by around 20%. In the graph below, you can see that home sales increased almost every month in 2013 aside from March and October/November. The average monthly sales in 2012 was 156, and in 2013 179 per month; an increase of 14%.
The foreclosure rate fell to 10.9% of home sales in January ’14; 18% lower than last year in the same month, and about 35% lower than January, 2012. Traditionally, in the last two years January marked the highest foreclosure rate seen all year; dropping significantly until it hit a low in September of both years. In 2013 the foreclosure rate got all the way down to 6.7% of home sales (in September); the lowest seen in years.
The average foreclosure rate in 2012 was 28.3%, and in 2013 it was 13.8%. This means that not only were sales 14% higher in 2013 but the foreclosure rate was also 14% lower as well.
Finally, the median home sales price also increased dramatically in January ’14 compared to the last couple of years. The median was $223,500, a 23% rise from 2013. It also rose by 9% from December of 2013 (a $23,000 increase in just one month).
The average median home sales price in 2013 was $203,824, and in 2012 it was $178,627. All of this is great news for Meridian real estate and hope to see a similar increase in sales, home prices and a continued drop in the foreclosure rate as the year unfolds.
Real Estate prices have been increasing in Meridian, Idaho for the last three years at a pretty steady rate. As you can see in the graph below, the most recent median home sales price was $215,561 in October of 2013. That is a 16% increase from October of 2012 at $185,910. October marked the highest median home sales price for quite some time. The median home sales price has risen about 14% from 2012 and about 14% from 2013. That is a 28% increase over the last two years.
In June 2013 (at the peak of the market this year), there were 263 sold homes in Meridian. Compared to June of 2012, there were 173 homes sold, an increase of 52%. Also in August, 230 homes were sold in Meridian which is 47% higher than in 2012 at 156 sold homes. On average home sales have increased by 14% this year. Home sales tend to drop slightly through the holiday season, but tend to pick right back up in February.
As you can see in the graph below, the foreclosure rate in 2013 has also dropped significantly. In January of 2012 the foreclosure rate was at 45.8% of home sales. In January of 2013 the foreclosure rate dropped down by 37% (from the previous year) to 29.8% of home sales. Between now and January, the foreclosure rate has dropped to 8.2% of home sales which means it has dropped by 75% this year. This is a reflection of a recovered market not only in Meridian but also all throughout the county.
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.
Meridian ID real estate sales rose steadily in the beginning of 2011. In fact, 2011 home sales matched or exceeded 2010 sales 8 out of 12 months. Total home sales in Meridian Idaho for 2011 were 1,759, just slightly higher than the 1,669 sales of 2010.
Whereas total Meridian ID real estate sales for 2011 exceeded 2010 sales, total foreclosures (short sales, bank-owned and HUD properties) were lower in 2011. Total foreclosures for 2010 were 849, or almost 51% of total Meridian Idaho home sales. Total foreclosures for 2011 were 730, approximately 41% of total home sales. As shown on the graph below, 2011 foreclosures dropped from a high of 65% in March to 49.6% in December, much lower than the 66.2% recorded in December 2010.
As shown in the graph below, 2011 median home prices were also lower than 2010 for most of the year. However, whereas December 2010 posted the lowest median home price of the year at $145,000, December 2011 posted the highest at $169,495.
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Home sales in the Meridian, ID Real Estate market jumped in August, with 187 homes sold in the month of August. This is up from 153 in July, as seen in the graph below:
Out of the 187 sales in the Meridian, ID Real Estate market, 110 were non-foreclosures, 44 were bank-owned, and 33 were Meridian short sales. The bank owned and short sales made up 41.2% of the overall Meridian Real Estate market, up significantly from June and July as shown in the following graph:
When broken down by area, NW Meridian continues to be where the majority of houses are purchased, with 94 sold in August compared with 51 in NE Meridian, 25 in SE Meridian, and 6 in SW Meridian. All but SW Meridian showed a jump in sales in August compared to the previous month, as the following graph shows:
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Data Source: Boise MLS (IMLS). Information deemed reliable but not guaranteed.
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.