Eagle, Idaho Community Profile

I call Eagle, Idaho “home” and I thoroughly enjoy the feeling of community in our little town.

Eagle has around 20,000 residents, most of whom live in subdivisions like Brookwood, where I live.

Eagle’s city government has wisely chosen to control the quality of growth by avoiding cookie-cutter subdivisions and those decisions are reflected in the quality of housing available in Eagle. Even McDonald’s was required to build a building that fit into the local architecture.

Lots tend to be larger in many Eagle subdivisions, and most neighborhoods offer community parks, walking paths, and often small lakes throughout beautifully-planned communities with ample common area.

The average selling price for a single-family home in Eagle is currently around $400,000, but you can easily spend $1 million or more if you opt for a larger custom home on acreage in the rural areas.

Eagle boasts a low crime rate, traffic is pretty light, and the schools are excellent.

Perhaps most unique is the small-town feel with a quaint old downtown that reflects the town’s farming heritage. Next time you’re here, check out Rembrandt’s, my favorite coffee place in the old renovated Baptist Church.

Most of the growth in Eagle has occurred within the past few years (when I arrived in 2000, Eagle had only 11,000 residents).

Eagle has been discovered, though, and developers have submitted plans for several new planned communities that could result in thousands of new homes.

Here’s more demographic data for Eagle, Idaho if you are interested!

Or, check out the Eagle Chamber of Commerce outstanding website.

Oct. Eagle, Idaho Real Estate Stats

Here’s a rundown on the Eagle, Idaho real estate market for October.

We currently have 474 homes for sale in Eagle with an average asking price of $661,244.

We had a little more than 500 homes for sale in Eagle a month ago.

During the month of October, 43 homes closed escrow @ an average price of $394,897.

Note the difference between the average asking price of $661,244 and the average selling price of $394,897.

These numbers are in stark contrast to those of October 2005 when 87 homes closed escrow @ an average selling price of $409,852.

These stats reveal a 50.5% decline in closed units and a 3.6% decline in average selling price.

(statistics derived from Intermountain MLS data and pertain to single-family residences on lots/acreage).

Eagle Real Estate MLS Statistics

According to Intermountain MLS data, 47 Eagle, Idaho homes closed escrow during September 2006 with an average selling price of $415,764.

This compares to 88 homes closed during September 2005 with an average selling price of $418,899,  indicating a stunning 46.6% year-over-year decline in closed units.

The average selling price for a home in Eagle during September 2006 was $415,764 ~ a little less than 1% below the year-earlier number.

Here’s the interesting part:

We now have 167 homes for sale in Eagle, Idaho that are priced above $700,000, with an average asking price of $1,071,601.

88 comparable homes have closed in the past 12 months, which works out to an absorption rate of about 7.3 homes/month in the $700,000+ price range.

Dividing the listing inventory by the absorption rate tells us that we have 23 months’ worth of listings above $700,000 (if no more homes are listed).

(data is for single-family homes on lots or acreage).

Eagle, Idaho Real Estate Stats

We now have 490 single-family homes (on lots or acreage) for sale in Eagle.

This is 250% more than the 202 homes that were for sale in January and 50% more than the 325 homes that were for sale in June.

The current average asking price for a home in Eagle stands at $642,045; down from an average of $672,315 last January.

More interesting is the $700,000+ market segment in Eagle, with 156 homes available at a breathtaking average asking price of $1,086,093!

In this segment, only 56 homes have closed year-to-date, which calculates out to an absorption rate of 6 homes/month, resulting in a whopping 26-month supply of listing inventory (if no more homes are listed!).