Tag: Market Statistics

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Meridian Real Estate Market Statistics | May ’14

As you can see in the graph below Meridian real estate sales have been rising into the warmer months this year. In May of 2014 sales increased by 10% from the previous month. Last year between these two months we saw a similar increase; a jump of 13%. As you can see in the graph below, Meridian real estate sales in 2013 were the very highest in June at 263 homes sold.

Although Meridian real estate sales may not be quite as high as last year, the health of the market is back. Last year potential home buyers may have had an urgency that spurred on purchases as people saw the market bouncing back.

Meridian real estate sales are down by an average of 12% this year, however the health of the market is evident with a record low foreclosure rate and an increased median home sales price.

Total Real Estate Sales, Meridian '13 vs. '14

In May of 2013 the foreclosure rate dropped to an extreme low of 5.5% of real estate sales. It dropped by about 4% from the previous month and by 7.1% from last May of (in 2013- also then seeing an intense decline in the foreclosure rate).

The graph below characterizes the dramatic decreases in foreclosures in the past couple of years. 2012 started out with a foreclosure rate 40% higher than it is today. There was a speedy recovery last year and many home owners have been able to bounce back.

Foreclosure Rate in Meridian May '14

The median home sales price in Meridian this year has been on average 10% higher than the median home sales price of 2013. The median has also increased by about 4% from last May in 2013. The median home sales price tends to fluctuate throughout the year, however you can see in the graph below that the 10% increase we’ve seen this year in median home sales price is a cut above where it was in 2013.

In the graph below you can see that in January of 2014 the Meridian median rose by 23% from the previous year and was an amazing 49% higher than in 2012.

Meridian Median Home Price, May '14

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Meridian Real Estate Sales up 23% | January ’14

Meridian Real Estate is off to a strong start  this year with an increase in home sales, an increase in median home sales price, and a decrease in the foreclosure rate.

As you can see in the graph below, 119 homes sold in Meridian, January  of ’14. This is a 23% increase from sales January ’13, and a 43% increase compared to the 83 homes that sold in January of 2012. The rise we have seen in the last 3 years is very consistent. Each year January sales rose by around 20%. In the graph below, you can see that home sales increased almost every month in 2013 aside from March and October/November. The average monthly sales in 2012 was 156, and in 2013 179 per month; an increase of 14%.

Meridian Home Sales '14

The foreclosure rate fell to 10.9% of home sales in January ’14; 18% lower than last year in the same month, and about 35% lower than January, 2012. Traditionally, in the last two years January marked the highest foreclosure rate seen all year; dropping significantly until it hit a low in September of both years. In 2013 the foreclosure rate got all the way down to 6.7% of home sales (in September); the lowest seen in years.

The average foreclosure rate in 2012 was 28.3%, and in 2013 it was 13.8%. This means that not only were sales 14% higher in 2013 but the foreclosure rate was also 14% lower as well.

Foreclosure Percentage '12-'13

Finally, the median home sales price also increased dramatically in January ’14 compared to the last couple of years. The median was $223,500, a 23% rise from 2013. It also rose by 9% from December of 2013 (a $23,000 increase in just one month).

The average median home sales price in 2013 was $203,824, and in 2012 it was $178,627. All of this is great news for Meridian real estate and hope to see a similar increase in sales, home prices and a continued drop in the foreclosure rate as the year unfolds.

Meridian Median '14

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Meridian Idaho Real Estate | 2013 vs. Previous Years

Real Estate prices have been increasing in Meridian, Idaho for the last three years at a pretty steady rate. As you can see  in the graph below, the most recent median home sales price was $215,561 in October of 2013. That is a 16% increase from October of 2012 at $185,910. October marked the highest median home sales price for quite some time. The median home sales price has risen about 14% from 2012 and about 14% from 2013. That is a 28% increase over the last two years.

Meridian, ID Median '11-'13

In June 2013 (at the peak of the market this year), there were 263 sold homes in Meridian. Compared to June of 2012, there were 173 homes sold, an increase of 52%. Also in August, 230 homes were sold in Meridian which is 47%  higher than in 2012 at 156 sold homes. On average home sales have increased by 14% this year. Home sales tend to drop slightly through the holiday season, but tend to pick right back up in February.

Real Estate Sales, Meridian '12-'13

As you can see in the graph below, the foreclosure rate in 2013 has also dropped significantly. In January of 2012 the foreclosure rate was at 45.8% of home sales. In January of 2013 the foreclosure rate dropped down by 37% (from the previous year) to 29.8% of home sales. Between now and January, the foreclosure rate has dropped to 8.2% of home sales which means it has dropped by 75% this year. This is a reflection of a recovered market not only in Meridian but also all throughout the county.

Foreclosures_Meridian '12-'13

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Meridian Idaho Real Estate Market Statistics | Oct. 2012

The make-up of Meridian Idaho real estate has been changing over the year.  That is, the number of non-foreclosures greatly exceeds the number of foreclosure sales.  As you can see in the graph below, the disparity has grown in recent months.  For instance, there were 133 non-foreclosure sales in October.  Meanwhile, just 34 foreclosure properties sold, or only 20% of the market share.  Compare that to January where the foreclosures nearly equaled the number of traditional sales.  When referring to foreclosure data on real estate in Meridian, we are gathering numbers for bank-owned homes, HUD properties, and short sales.

Meridian Real Estate Sales by Type 2012 Stats

The growing trend in the Meridian Idaho real estate market for traditional sales can also be seen when comparing year-over-year data.  For example, of the 200 home sales in August this year, 153 were non-foreclosures.  That means the foreclosure market share was only 23.5%.  Comparatively, in August last year there were 166 total home sales and 87 were non-foreclosures.  So, the foreclosure market share in Aug. 2011 was nearly half of the total sales- at 47.6%.

Meridian Traditional Home Sales 2011 vs. 2012

Median home prices are also rising for Meridian Idaho real estate. September saw the highest median price we’ve seen in years at $189,450.  And, since July, those numbers have been steady.  Overall, according to the graph below, the median sold price for Meridian Idaho real estate has been higher this year than in years past, with only a few exceptions.

Median Sold Price 2010 - 2012

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Meridian ID Real Estate | Jan. – June 2012

Home sales in the Meridian ID real estate market have been fairly strong for the first half of 2012. Although 2012 total home sales in Meridian Idaho dipped below both the 2010 and 2011 levels in January, they started to rebound in February.  The Meridian Idaho real estate market finished the 1st half of 2012 with the highest monthly total sales for the year-to-date of 181, slightly ahead of the 178 sales in May, but just below the 182 sales recorded in June 2010.

Meridian Idaho Home Sales | Jan. - June Comparison

What is interesting to note is the distribution of sale types comprising these totals.  As can be seen in the graph below, as the year progressed non-foreclosure sales have been making up a larger portion of total sales in the Meridian ID real estate market than foreclosures and short sales. For example, in January 2012, there were 104 total sales, of which only 45 were non-foreclosures, less than half of total sales for the month. Jumping ahead to June, there were 208 total sales, of which 137 were non-foreclosures. This represents a 65.8% market share. In fact, for February through June there were more non-foreclosure sales of Meridian Idaho real estate than bank-owned and short sales combined.

Meridian Idaho Home Sales by Type | June 2012

This decrease in foreclosure sales is further illustrated below.  Generally, the market share of Meridian Idaho foreclosures for 2010 and 2011 ranged between 40% and 70%.  However, the foreclosure market share for the first half of 2012 ranged from a high of 45.8% in January to a low of 24.3% in June.

Meridian Idaho Foreclosure Market Share | Jan. - June Comparison

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Meridian ID Real Estate | 2011 vs 2010

Meridian ID real estate sales rose steadily in the beginning of 2011.  In fact, 2011 home sales matched or exceeded 2010 sales 8 out of 12 months.  Total home sales in Meridian Idaho for 2011 were 1,759, just slightly higher than the 1,669 sales of 2010.

Meridian ID Home Sales 2010-2011

Whereas total Meridian ID real estate sales for 2011 exceeded 2010 sales, total foreclosures (short sales, bank-owned and HUD properties) were lower in 2011.  Total foreclosures for 2010 were 849, or almost 51% of total Meridian Idaho home sales.  Total foreclosures for 2011 were 730, approximately 41% of total home sales.  As shown on the graph below, 2011 foreclosures dropped from a high of 65% in March to 49.6% in December, much lower than the 66.2% recorded in December 2010.

Foreclosure Percentage | 2010 vs 2011

As shown in the graph below, 2011 median home prices were also lower than 2010 for most of the year.  However, whereas December 2010 posted the lowest median home price of the year at $145,000, December 2011 posted the highest at $169,495.

Meridian ID Median Home Prices 2010-2011

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Meridian Real Estate – December 08

Here’s the Meridian Idaho real estate stats for December 2008.  Most of the real estate sales is in NW and NE Meridian.

SE Meridian Real Estate Dec-08
New Homes Sales 11
Existing Home Sales 4
SW Meridian Real Estate Dec-08
New Homes Sales 0
Existing Home Sales 0
NE Meridian Real Estate Dec-08
New Homes Sales 10
Existing Home Sales 19
NW Meridian Real Estate Dec-08
New Homes Sales 11
Existing Home Sales 24

Data Source: IMLS.  Information not guaranteed.