Boise Real Estate Blog

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).

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).

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!).