Meridian Idaho Home Sales – July 2018

Meridian Idaho Home Sales Activity For July 2018

Meridian Idaho Home

Meridian Idaho Homes For Sale

# Available: 446    Click here to view all homes for sale in Meridian, ID
Average Asking Price: $410,144
Median Asking Price: $364,995
Months’ Supply: 1.7

Meridian Idaho Pending Sales

# Pending: 524
Average Asking Price: $366,036
Median Asking Price: $345,777

Meridian Idaho Home Sales – July 2017

# Closed: 300
Average Sales Price: $297,411
Median Sales Price: $280,995

Meridian Idaho Home Sales – July 2018

# Closed: 303
% Change: +1.0%

Average Sales Price: $340,295
% Change: +14.4%

Median Sales Price: $320,000
% Change: +13.9%

Read More About Meridian, Idaho

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Data extracted from Intermountain MLS on 8/5/18 and pertains to Meridian Idaho single-family residences on lot or acreage.

Data does not include condominiums or townhomes.

Months’ Supply = available listings divided by average monthly closed sales for the past twelve months.

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Meridian Idaho Homes 2018 Mid-Year Review

Meridian Idaho Homes 2018 Mid-Year Review

Meridian Idaho Homes 2018 Mid-Year Review

Meridian Idaho Homes Available Listings

  • January 2018: 485
  • July 2018: 451
  • % Change: -7.0%

View All Meridian Idaho Homes For Sale!

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Meridian Idaho Homes Months’ Supply

  • January 2018: 1.8
  • July 2018: 1.7
  • % Change: -5.6%

Meridian Idaho Homes Pending Sales

  • January 2018: 297
  • July 2018: 561
  • % Change: +88.9%

Meridian Idaho Homes Closed Sales

  • January 2018: 261
  • July 2018: 354
  • % Change: +35.6%

Boise Idaho Homes Average Sales Price

  • January 2018: $317,862
  • July 2018: $344,033
  • % Change: +8.2%

Meridian Idaho Homes Median Sales Price

  • January 2018: $284,900
  • July 2018: $327,382
  • % Change: +14.9%

Summary & Insights

  • Seasonal factors (winter vs. summer) contributed to the data above.
  • We have very low listing inventory.
  • We have more buyers than sellers.
  • Builders can’t build new homes fast enough to meet demand.
  • Prices are rising rapidly due to demand exceeding listing inventory.
  • Multiple offer bidding wars are common.
  • We now have five times as many real estate agents as listings.

Date range is January thru June of 2018.

Data pertains to Meridian Idaho single-family homes on lot or acreage.

Data does not include condo, townhome, or mobile home properties.

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Meridian Idaho Home Listings: The Perils of Escalation Clauses

Escalation clauses are common in offers to purchase Meridian Idaho home listings these days!

Meridian Idaho Home Listings

Building escalators can go up or down.

In real estate, escalator clauses are intended to go in only one direction – UP!

Escalation clauses provide a built-in capability for a buyer to outbid other competing offers in a multiple-offer situation, but they can be risky when not properly prepared.

I’m personally not a fan escalation clauses, for a variety of reasons, including:

Buying On Emotion

Escalation clauses are often used by buyers who are buying on emotion, which is generally not a good way to buy a home.

Logical reasoning often goes out the window when emotion takes over and a buyer just has to have the house!

Overpaying

Lacking a price limit, an escalation has no ceiling price and can result in a buyer paying far more than intended.

Buyers should never, ever use an escalation clause lacking an upper price limit.

Appraisal Problems

Escalation clauses can stimulate competing buyers to pay more than the appraised value, which can result in the buyer to pay the cash difference above the appraised value if they want to close.

If the buyer is unwilling to pay that cash difference, the buyer’s financing will then fail, resulting in a failed transaction with the property going back on the market.

My Thoughts

I personally do not recommend using an escalation clause when representing a buyer.

When I’m representing a seller who receives an offer with an escalation clause, I fully disclose the risks mentioned above.

Like them or not, escalation clauses will remain common in the Meridian Idaho real estate market until our market inevitably cools off.

Are you looking at Meridian Idaho homes for sale?

Call me at (208)938-5533 or e-mail me for detailed information about Meridian Idaho home listings that you won’t see online!

View All Meridian Idaho Home Listings!

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Meridian Idaho Home Sales – June 2018

Meridian Idaho Home Sales for June 2018

Meridian Idaho Home

Meridian Idaho Homes For Sale

# Available: 451    Click here to view all homes for sale in Meridian, ID
Average Asking Price: $415,717
Median Asking Price: $359,990
Months’ Supply: 1.7

Meridian Idaho Pending Sales

# Pending: 561
Average Asking Price: $360,919
Median Asking Price: $343,900

Meridian Idaho Home Sales – June 2017

# Closed: 358
Average Sales Price: $296,105
Median Sales Price: $273,150

Meridian Idaho Home Sales – June 2018

# Closed: 344
% Change: -3.9%

Average Sales Price: $345,076
% Change: +16.5%

Median Sales Price: $329,450
% Change: +20.6%

Read More About Meridian, Idaho

View The Tour of Meridian Video

Data extracted from Intermountain MLS on 7/7/18 and pertains to Meridian Idaho single-family residences on lot or acreage.

Data does not include condominiums or townhomes.

Months’ Supply = available listings divided by average monthly closed sales for the past twelve months.

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Paramount Subdivision ~ Meridian Idaho

Paramount Subdivision is one of Meridian, Idaho’s most desirable communities, located off Chinden Boulevard between Meridian Road and Linder Road.

Paramount offers abundant common areas, playgrounds, and community pool complexes.

All of the homes in Paramount have been built by respected builders selected by the developer.

The Over-55 Cadence section is the final unit for Paramount with homes now under construction.

Paramount residents also enjoy having Paramount Elementary School and Rocky Mountain High School located within the development.

For more information about Paramount, please call me at (208)938-5533 or e-mail me!

Paramount Subdivision

Paramount Subdivision Available

Homes for sale in Paramount Subdivision seldom last for long after going on the market.

# Available: 13  View All Paramount Homes For Sale

  • Average Asking Price: $385,086
  • Median Asking Price: $385,000
  • Months’ Supply: 1.7 months

Paramount Subdivision Pending Sales

Paramount homes sell quickly with demand exceeding supply in our current, active real estate market.

  • # Pending: 18
  • Average Asking Price: $348,433
  • Median Asking Price: $388,605

Paramount Subdivision 2018 YTD Closed Sales

2018 year-to-date sales in Paramount have been brisk.

  • # Closed: 40
  • Average Sales Price: $349,600
  • Median Sales Price: $340,000

View All Meridian Idaho Homes For Sale

Data pertains to Paramount Subdivision homes in Meridian, Idaho.

Months’ supply calculated by dividing the past twelve months’ average monthly closed sales into the number of available homes.

YTD = 1/1/18 thru 5/31/18.

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