Boise Real Estate Chick

Below are the Canyon County Real Estate Market Statistics for January 2012. Canyon County consists of Caldwell, Nampa, Middleton and the surrounding area. All numbers are based on single family/single family with acreage from the Intermountain Multiple Listing Service (IMLS).

Available Homes

# Available: 933

# Vacant: 487 (52%)

# Short Sale: 389 (42%)

# Bank Owned: 66 (7%)

Median Asking Price: $104,740

Inventory went up a bit from December’s 888 and the Median Asking Price came down ($107,745 in December). Number of distressed properties available remains relatively the same from last month.

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Pending Sales

# Pending: 400

Median Asking Price: $91,250

Pending Sales are up from December’s 382 and the Median Asking Price is up as well ($85,250 in December)

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Closed Sales – January 2011

# Closed: 191

# Short Sale: 39 (20%)

# Bank Owned: 113 (59%)

Median Sales Price: $75,000

Median Days on Market: 56

Closed Sales– January 2012

# Closed: 219

# Short Sale: 59 (27%)

# Bank Owned: 98 (52%)

Median Sales Price: $79,000

Median Days on Market: 40

Good news is that the number of closings are up for year over year and for month over month as well (210 in December).  The Median Sales price is up also for year over and month over month ($78,578 in December). The market for Closed Sales is still dominated by distressed properties with 78% of Closed Sales being either a short sale or bank owned. In order for us to see these prices rebound in a meaningful way, the number of “regular” sales needs to increase and distressed to decrease. With the number of distressed properties that are available staying in the high 40% range, I think we are still at least a year out before we see that happening.

Looking at the past years Median Sales Price it looks like we may have seen bottom in May when the Sales Price was around $73K. Since then it has bounced around in the high $70K’s to low$80K’s.  With the Median Asking Price for Pending Sales at $91K, we may see an upward movement in Sales Price for February.

If you would like additional information regarding the Canyon County Real Estate Market, please go to my web site: http://www.BoiseRealEstateChick.com or e-mail me: mary@BoiseRealEstateChick.com