Blog
Published On: December 15, 2009
Foreclosures in SE Idaho have increased the past couple months signficantly. They still constitute less than 3% of all homes on market but the number as roughly doubled in the past six months.
Why? Probably the driving forces are similar to the rest of the U.S. --- rising unemployment, soft values, etc.
Even though our local economy is stronger than most of the country and our values have fallen less than most areas, we are still impacted --- just to less degree.
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Published On: August 6, 2009
Just released data for local home sales in July in the Upper Snake River Valley counties of Bingham, Bonneville, Jefferson, Madison and Fremont shows a sharp rise in sales. The biggest surprise is that sales last month exceeded those of July 2008 (220 this year versus 209 last year). This is the first month in 2009 where sales were higher than in 2008.
What is going on? Several factors are in play.
First, markets around the country are starting to perk up. The hard hit places like California, Arizona and Nevada have seen sales jump the last few months as buyers snap up bargains -- often short sales and foreclosures. The increase in activity has spread to regional markets like Salt Lake City, Boise, etc. This may be the first sign that our area may be seeing an upswing in sales.
Second, many of the sales are by first-time buyers taking advantage of the up to $8,000 federal tax credit. With that credit expiring November 30th, it is possible that many such buyers will try to buy before that date.
Third, the general economy seems to be stablizing a bit.
Now, what does this mean over the next few months? Hopefully, sales will continue to rise. But, prices will probably stay soft. Typically sales rise for a period of time in a recovery but prices don't increase much (and may even drift down) until inventories are depleted. Right now we have nearly 13 months of housing inventory in the Upper Valley. It will take some time to work through those homes for sale.
Still, this is a bright sign for the local housing market.
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Published On: July 30, 2009
On July 29, 2009, we took a close look at the housing inventories in Bonneville County.
Here is a chart that shows the results by price range:
Price RangeHomes Sold
Past YearOn Market
TodayMonths of Inventory $0-$99,999 12898
9.2 $100,000-$199,999 654 556 10.2 $200,000-$299,999 204 249 14.6 $300,000-$399,999 54 124 27.8 $400,000-$499,999 15 55 44.0 $500,000-$599,999 5 20 48.0 $600,000-$699,999 2 12 72.0 $700,000-$799,999 4 4 12.0 $800,000+ 1 20 240.0 Overall 1067 113812.8
Source: Snake River MLS database
Analysis
Today, 1138 homes are for sale in Bonneville County. 1067 homes have sold in the last 12 months. At that sales level, it would take 12.8 months to sell all the homes now on the market. As a point of comparison, current inventories nationally are 9.4 months.
A closer scrutiny of the data is even more revealing. Simply put, inventories are fairly moderate for lower priced homes and excessive for higher priced properties. For instance, homes priced between $100,000 and $199,999 are competing against 10.2 months of inventory. In contrast, there is 27.8 months of inventory for homes priced between $300,000 and $399,999.
Why the skewing towards the lower end? Several factors are at play. First, much of the market activity is by first-time buyers motivated by the $8,000 federal tax credit. Second, far fewer folks are relocating to our area from higher priced markets.
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Published On: July 9, 2009
The latest residential real estate market data is out for Bonneville County (ie. Idaho Falls, Ammon, Ucon, Iona and the Swan Valley area):
2nd Quarter of 20082nd Quarter of 2009% Change
Number of Homes Sold
394302 -23.35%Average Sales Price$180,565 $163,389 -9.51%Average Sold/List Price 98.80% 96.71% -2.12%Average Days on Market 104 125 20.19%
Source: Snake River MLS database
Clearly, the number of sales is off significantly -- nearly 25%. Unsurprisingly, prices have fallen a bit --- about 10%. Still, the average seller is still getting about 97% of asking price.
The decline in prices is far less than those seen in hard-hit markets like California, Nevada and Arizona where prices have fallen about 50% from peak levels. The local decline is about half the level seen in the Boise area.
Part of the reason for the modesty in our price declines is that we never saw the huge price run-ups of some markets. Another factor is that the local economy, despite recent softness, is still stronger than most parts of the United States.
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Published On: July 3, 2009
This site has been one of the most popular in this side of Idaho. But, it has been getting a bit "long in the tooth".
We are pleased to roll out the new version. But, this is just a beginning.
You'll see a whole host of improvements over the next few weeks . . the most complete list of local foreclosures, more fresh market data and even better search tools.
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Published On: July 2, 2009
First-time buyers through December 1, 2009 can get an up to $8,000 check back for buying a home.
The first-time buyer tax credit is for anyone who hasn't owned a home in the past 3 years, who buys a principal residence and who doesn't make too much income ($75,000 for a single individual and $150,000 for a married couple).
The credit is 10% of the purchase price of the new home -- capped at $8,000.
A qualified buyer can get the credit now by amending last year's tax return or they can wait until they file their 2009 tax return.
The credit can even be used for downpayment and closing costs. Idaho is one of only 10 states which has a program to lend agains the credit for those purposes. To get a tax credit advance loan, one must use the Idaho Housing & Finance Association. They will lend up to $7,000 and the only costs are $250 up front and 3% interest. It is repaid when the buyer gets their credit.
To learn more about the credit, go to
www.BuyerTaxCredit.com.
