Eagle, Idaho | 0% Foreclosure Rate February ’14

Eagle RE Foreclosure Rate Feb. '14

The Eagle, Idaho foreclosure rate fell to 0% February of 2014, a miraculous low among Ada County cities- unheard of for the last several years. As you can see in the graph above, the foreclosure rate was 12.1% in January and 0% in February; 18.5% lower than last February and 28% lower than 2012. In the last two and a half years the foreclosure rate started at 46% in January 2012 and dropped all the way down to 0%, a remarkable decline.

Not only was the foreclosure rate non-existent in February 2014, but the median home sales price is also staying in a competitive range. As you can see in the graph below, 2014 started with the highest median sales price in years at $358,500. Home value in Eagle is steadily rising- you can see that last January the median was $278,450. In one year it increased by 29%. Granted, median home sales prices vary month to month but you can see that each year the median line has risen from the previous years.

Eagle RE Median Feb '14

Real estate sales were slightly lower in February ’14, 23 homes sold- a slight decrease of only 1.7%. However; in January sales were higher than they have been in the past three years. This is a strong start for  Eagle 2014 real estate. Historically, sales are lower the start the year and climb to a peak through the warmer/summer months (reflected in the graph below).

Eagle RE Sales '12-'14

Among the homes sold in Idaho this year, there has been a miraculous balance between new and existing the last couple of months in Eagle; much more balanced than in other cities throughout the County. Only 24% of home sales were new construction in Meridian February ’14, and only 31% of home sales were new construction in Boise. As you can see in the graph below, both January and February had an equal 50:50 ratio between new and existing home sales.

Eagle RE Sales-Type Feb. '14


Traditional Sales Up & Foreclosure Rates Down| Eagle 2013

Eagle Trad. 2011-1013

Although there have been similar high’s and lows in real estate sales in Eagle through the past three years, there has been a consistent increase in sales within those expected ups and downs. As you can see in the graph above, there were 39 traditional home sales in December of ’13, a 44% increase since ’12. As you can see, December of 2012 also showed a 50% increase from the year prior; equaling an 84% increase in sales in just two years.

The most dramatic increase in traditional home sale numbers we saw in 2013 were seen in July-  68 homes sold, a 119% increase from July of 2012. Summer was hot for real estate- which was bound to drop slightly. However the rest of the year still had consistent increases in numbers each month compared to 2012.

Eagle New vs. Existing '13

New home sales also increased throughout 2013; the year started with 3 new home sales in January, but ended in December with 14. On average, 32% of home sales were new and 68% were existing in 2013. As you can see however, the proportion was even in December when 50% of the home sales were new. This proportion seems even bigger when considering only 10% of home sales were new in January.

The highest peak we saw for new home sales for 2013 was in July, 28 new homes were sold (39% of home sales that month). Historically the warmer months tend to increase real estate sales, and the colder months (along with different factors such as the school year and holiday season) seem to encourage some potential buyers to wait.

The graph below gives us a clear picture of the proportion of short sales and bank owned homes vs. non foreclosures sold each month. Eagle has the lowest foreclosure rate in Ada county, this low proportion is reflected in the graph below. For example, in December of 2013, there was 1 short sale, 2 bank owned, and 39 non foreclosure sold. That means 93% of sales were traditional, 2% short sales, and 5% were bank owned.

You can see that throughout the entire year those numbers really only varied slightly. The highest foreclosure rate was in March when 7 bank owned homes sold, and 3 short sale homes sold. This means 23% of home sales were foreclosures; the highest we saw all year. The average foreclosure rate in Eagle, 2013 was 10.2% of sales, a 9.5% drop from 2012. The average foreclosure rate in 2012 was 19.7%.

Eagle Home Sales by Type '13


Eagle Idaho Real Estate | Market Update Oct. ’13

As you can see in the graph below Eagle, Idaho real estate sales are higher this year than they were in 2011 and 2012. In October there were 58 homes sold in Eagle compared to 52 sold in October of the previous year. That’s an 11% increase, which shows sales are continuing to increase in a stabilized market. At the peak of the market in July of this year, 72 homes were sold in Eagle, which is a 111% increase from 2012. It then slightly decreased for a couple of months, which is normal in late summer. It has since then picked back up this Fall.

Real Estate Sales Eagle 2011-2013

Along with an increase in real estate sales in 2013, the median home sales price has also increased. In October of 2013 the median home sales price was $322,500. In Comparison to October of 2012, the median home sales price was $278,500, which is an increase of 11.5%. In January of 2013 the median home sales price was $278,450 and increased steadily through the year by about 16%. The average median home sales price in 2013 is 12% higher than the average median home sales price from 2012.

Eagle Median 2012 vs. 2013

As you can see in the graph below, the Eagle Foreclosure rate has dropped tremendously in the last 3 years. In January of 2011 there was a 70.6% foreclosure rate compared to 5.2% in October of 2013. In the last three years the foreclosure rate has dropped 65.8%. This year alone the foreclosure rate has dropped from 16.7% in January to 5.2% in October. Between 2011 and 2013 we went from an unhealthy market with a very high foreclosure rate, to a healthy and stabilized market with a very low foreclosure rate.

Foreclosure Rate Eagle 2011-2013


Eagle Idaho Real Estate Market Stats | November 2012

Home sales this year in the Eagle Idaho real estate market have already surpassed last year’s sales at the same time.  There have been 430 home sales this year in Eagle.  Last year, through November, there were 369.  In fact, total home sales in 2011 amounted to 395, so the margin between 2011 and 2012 will continue to widen once December market stats are gathered.  The chart below shows total real estate sales since 2008, and each year the numbers have grown.

Eagle Idaho Real Estate Sales 2008 - 2012

Eagle Idaho real estate has been particularly popular in the Banbury Meadows subdivision.  Banbury has posted the most sales for a given subdivision with 28.  The median price for a home in this subdivision is $368,800.  That is higher than the overall median posted this past month for real estate in Eagle Idaho, which was $293,379.  The chart below shows the type of sales in the Banbury Meadows subdivision so far this year.  And while non-foreclosure sales are dominant, the foreclosure market share at Banbury Meadows has been 25% in 2012.

Banbury Meadows Home Sales by Type 2012 Market Stats

The overall foreclosure market share in the Eagle Idaho real estate market is actually lower than what’s been posted for Banbury Meadows.  This past November the numbers were similar to October, at 9.7%.  Still, the average foreclosure rate for this year is right around 19%.  But, as you can see in the chart below, Eagle foreclosures have consistently been lower than 19% since April.

Eagle Idaho Foreclosure Rate 2012 Market Stats



Eagle ID Real Estate Market Update | September ’12

Eagle ID real estate sales for the months of August and September were higher this year compared to last year at the same time.  In August of last year 38 homes sold compared to 59 this year.  That’s roughly a 36% increase from August of last year.  As you can see in the graph below, the number of Eagle ID real estate sales jumped when comparing September 2011 to Sep. 2012.

Eagle Real Estate Sales 2011 vs. 2012

While the number of home sales in Eagle has gone up, the number of foreclosures has gone down from a year ago.  For example, the foreclosure market share in Sep. 2012 accounted for 16.7% of the Eagle ID real estate sales.  In September 2011, approximately 44% of the sales were foreclosures.  When referring to foreclosures we are talking about bank-owned homes, short sales, and HUD homes.

The same pattern holds true for every month this year compared to last year.  Foreclosures hit their lowest point this year in Eagle during the month of July at 8.8%.  But, they have remained at a steady rate since April 2012.  You can see the entire year-over-year comparison in the graph below.

Eagle Foreclosure Rate 2011 vs. 2012


Eagle Idaho Real Estate | Jan. – June 2012

Home sales in the Eagle Idaho real estate market for January through June 2012 were fairly consistent with 2011 sales, although May and June of 2012 showed decreases over 2011 sales of 23.2% and 6.6%, respectively.

Eagle Idaho Real Estate Sales | Jan. - June Comparison

The most significant differences in the sale of real estate in Eagle Idaho are found in the decreasing number of foreclosure sales.  As illustrated in the graph below, in January 2012, there were 6 Eagle Idaho foreclosures compared to 8 in 2011. By May 2012, only 1 of the 33 Eagle ID real estates ales was a foreclosure, and in June only 3 of the 42 sales were foreclosures, much lower than the 10 of 43 and 15 of 45 recorded in May and June 2011.

Eagle Idaho Foreclosures | 2011 & 2012 Comparison

As a comparison, the market share of foreclosures on the Eagle Idaho real estate market for the months of January through June, 2009 to 2011, have generally been between 24% and 55%, with a high of 55% in January 2010 and a low of 24.1% in both May 2010 and March 2011. In 2012, though, we see a totally different trend. In January 2012, the market share of Eagle Idaho foreclosures was 21.4%. Although this represents the highest market share in 2012 to date, it is still below the lowest market share recorded for January through June for the last 4 years.  Since January there has been an almost steady decline to a record low foreclosure market share of 3.0% in May and 4.7% in June.

Eagle Idaho Foreclosures | 2009-2012 Comparison


Eagle ID Real Estate Sales | 2010 & 2011

Eagle, ID real estate sales were strong beginning May 2011 but fell below 2010 levels in November and December of 2011.  The graph below shows the monthly sales in Eagle Idaho for 2011 compared to 2010.  Sales for the 3rd Quarter of 2011 rose 38% above 2010 levels but dropped 7% below 2010 levels for the 4th Quarter.  For the year overall, residential real estate sales for 2011 were the same as 2010.

Eagle Home Sales for 2010 & 2011

Although 2011 showed virtually no increase in the number of Eagle ID real estate sales when compared to 2010, the median home price in December 2011 was slightly higher than the median price in December of 2010.  As can be seen on the graph below, median home prices are trending upward, especially during the last quarter of 2011.

Eagle Median Sale Price Comparison | 2010 & 2011

Another interesting trend in 2011 was the number of Non-Foreclosure sales compared to Eagle Short Sales and Eagle Bank-Owned property sales.  As depicted below, the majority of real estate sales in Eagle, ID for 2011 were Non-Foreclosures.  In fact, beginning in May, Non-Foreclosure sales accounted for more real estate sales than Short Sales and Bank-Owned properties combined.

Eagle Sales Type for 2011


Eagle Idaho Real Estate Market Stats

The Eagle ID real estate market in 2011 is about even with last year in terms of closings.  As you can see from the graph below, sales are above ’08 & ’09 levels.

Eagle Idaho Real Estate Sales

While there are fewer distressed properties on the market in Eagle they still attract the majority of sales.  In March ’11, 62% of the sales were either Eagle ID Short Sales or Eagle ID Bank-Owned Real Estate.

As of 4/6/11, there are 195 single family homes for sale in Eagle Idaho – 55 are listed as short sales & 15 bank-owned homes.  The majority of these Eagle Idaho foreclosures are in the lower price ranges as the chart below shows.

Percentage of Eagle ID Foreclosures by Price

Here’s a look at just the numbers:

Eagle Idaho Real Estate Total Short Sales REO Percentage
Under $100,000 2 2 0 100%
$100,000 to $200,000 47 24 6 64%
$200,000 to $300,000 47 13 7 43%
$300,000 to $400,000 38 7 1 21%
$400,000 to $500,000 19 2 1 16%
Over $500,000 42 7 0 17%
Total 195 55 15 36%

Eagle Idaho Real Estate | June ’10

The Eagle Idaho real estate market had 34 sales last month. This is up about 6% from a year ago while Ada County as a whole was up 12%.  With 252 homes for sale in Eagle, that’s a 7.2 month absorption rate while the county was at 5.3 months.

Eagle Idaho real estate foreclosures accounted for 56% of the sales in June.  Nine of the 34 sales were short sales and ten were bank-owned.  This is higher than the county overall that had a 41% market share of foreclosures.

While Eagle Idaho foreclosures made up a larger percentage of the sales compared to the county, they actually make up a smaller percentage of the homes currently for sale – at least for bank-owned homes.

Eagle Idaho bank-owned homes currently make up 7% of the homes for sale.  The short sales on the other hand, make up 30% compared to 29% in the county. See the next two graphs:

Search Eagle Idaho real estate, Eagle bank-owned property, and Eagle short sales.

Eagle ID real estate market ~ April ’10

The Eagle ID real estate market surged in April as in other areas of the county as the first-time home-buyer tax credit deadline expired.  Sales were up 46% over last year with 21 non-foreclosure sales, 9 short sales, and 16 bank-owned sales.  These Eagle ID foreclosures accounted for 54% of the market share, down slightly from the 60% a year ago but above the last 13 month average of 52%.

The graph below shows how Eagle ID real estate sales have performed January through April over the last 3 years.

The chart below shows the market share of foreclosures in Eagle Idaho over the last year.  It should be noted that the months with a higher market share are also the months with stronger monthly sales.