Boise Real Estate’s Short Sales
Back in 2008-2010, short sales comprised more than 50% of the Boise real estate market.
With our recovering market, the percentage of short sales has dropped dramatically.
Here’s a breakdown of short sales in our current market.
Total Available Listings: 2,118
- Short Sale Listings: 484 (22.9% of available listings)
- Average Asking Price: $162,077
- Median Asking Price: $134,950
Pending Sales: 234 (19.1% of pending sales)
- Average Asking Price: $156,169
- Median Asking Price: $129,100
YTD Closed Sales: 726 (19.2% of closed sales)
- Average Asking Price: $147,491
- Median Asking Price: $124,900
Takeaways
- The numbers above confirm that most of our short sale activity falls into the lower price range, which is consistent with the fact that roughly 60% of all Ada County sales are under $200,000.
- YTD closed short sales are now 19.2% of the market vs. more than 50% during the worst of times in 2008-2009.
- Nearly 80% of YTD closed sales have been “traditional” sales (not short sales) because most owner-occupant buyers want to buy a home and get it closed.
- Patient investors are often short sale buyers because they can wait and don’t buy on emotion.
- A recent national survey revealed that the average time to close a short sale is currently more than 300 days.
Data pertains to Ada County single-family homes on lot/acreage. Data does not include condo or townhome properties.
July 24th, 2012 Posted in Short Sales
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