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.
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).
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.
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 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.
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 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.
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.
The Eagle Idaho real estate market had 37% more sales last month than the same time a year ago. When comparing 2009 to 2008, Eagle real estate sales were up 17.5%. This surpassed the county’s’ improvement that saw a year-over-year increase of 7%.
Eagle Idaho foreclosure properties continue to play a large role in the market. Last month, 37% of the home sales were foreclosures. However, this is down from the 50-60% market share they comprised in the spring. Compared to other parts of the county, Eagle’s foreclosure market was one of the lowest while Star was the highest with over 70% of the sales being foreclosures.
Information gathered from IMLS and is not guaranteed.
Eagle home sales had another solid month in September, with 38 homes sold. This is down slightly from the 40 homes sold in August. The chart below shows total sales for the last five months in the Eagle, ID real estate market:
Out of these 38 homes sold in the Eagle, ID real estate market, 10 of these were bank-owned properties and 9 were Eagle short sales, which makes a foreclosure rate of 50%. This is a pretty typical percentage for the past five months, as shown in the following graph:
Although there was a slight drop in home sales from August to September, the average existing home price in the Eagle, ID real estate market increased by almost $40,000 over this same time. As the graph below shows, there has been an upward trend in the average prices of houses over the past five months:
Data source: Boise MLS (IMLS). Information not guaranteed.
The Eagle Idaho real estate market, like the rest of Ada County, has had increasing home sales and decreasing market share for foreclosures. The graph below shows the Eagle real estate sales since April where sales have increases 25%.
In April, the Eagle Idaho real estate market was made up 60% foreclosure sales (Eagle short sales & Eagle bank-owned homes), while in July, this number decreased to 42.5%. This compares to 33% market share in Ada County and 25% in Boise. The graph below shows the Eagle Id real estate foreclosure market trend since April.
The chart below shows the Eagle Id real estate sales for new homes verses existing along with average and median home prices.
|Eagle ID New Home Sales
|Average Eagle Home Price
|Median Eagle Home Price
|Eagle ID Existing Homes Sales
|Average Eagle Home Price
|Median Eagle Home Price
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Data Source: Eagle MLS (IMLS). Information not guaranteed.