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


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 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 Real Estate Stats | September through December

Here’s a brief look at the Eagle Idaho real estate market over the last four months.  As you can see, most of the Eagle homes being sold are existing homes.  The average Eagle home price in December was $537,500 for new construction and $255,306 for existing.  The median Eagle ID home price was $550,000 for new and $229,500 for existing.

Eagle Idaho Real Estate Sep-08 Oct-08 Nov-08 Dec-08
New Home Sales 1 4 2 2
Existing Homes Sales 18 26 12 15

Data Source: IMLS. Information not guaranteed.