Annual review of real estate sales in Wilderness Ranch for 2011 and forecast for 2012.
The city of Boise and the Treasure Valley area was a mixed bag. We actually saw a price increase of about 3% in homes under $150,000 mostly due to low interest rates, affordability and bank owned opportunities. Many were multiple bid situations. East Boise County always seems to lag the Valley in the curve.
So how did Wilderness Ranch fair for 2011 in the real estate market. Sales and values were below average but considering the market and economic climate there were some pros and cons.
For starters in 2011 there were no sales in all of East Boise County over $230,000 which was extremely uncommon. I expect that trend to break this spring.
We had a total of 14 sales in Wilderness Ranch and two in Hidden Bowl, our close neighbors. Of which I was party to 11 of the transactions in Wilderness Ranch, four of which were land sales. I also moved two homes in Hidden Bowl off Daggett Creek. Land sales were dismal as most people were taking advantage of the competitive pre-owned homes market.
There were a total of 22 Home listings in WR for 2011 with 10 home sales; that makes a 45% absorption rate from list to sale which is phenomenal when compared to the rest of E. Boise County. Our number of home listings were pretty average and much lower than the last three years as we have sold a lot of the excess inventory that was held over from the 2008 and 2009 market.
East Boise County in all had 134 Home listings (not including WR) and 43 Home sales; which was basically a 32% absorption rate. So WR has consecutively outsold the County in general year over year. Proving that WR is a good place to buy with.
I currently have four homes pending sale in WR, two are short sale and two are non distressed.
Now for the nitty-gritty of it; Of those WR sales there were seven that were distressed property; i.e. bank owned and/or short sale. However I expect to see less distressed property in 2012 which I will cover in our forecast.
- 22 Homes listed in all
- 10 home sales
- 4 land sales
- 45% Absorption rate on homes sales (odds of your home selling) which was above the 2010 average.
- Average Days on market was 85,
- Average list price was $152,
- Average sold price was $137,74
- Average price per sq foot was $71.71
- Highest price per square foot was $100 per sq foot
- Lowest sales price per square foot was $41 per sq ft.
- There are 2 non distressed pending sales
- There are 2 short sale pending sales
The overall average was skewed by a few smaller lower quality and bank owned properties, but I would determine the average value of a well cared for home in WR at around $85 to $103 per sq foot depending on quality of finish, views, acreage and other amenities.
So how did we compare to the rest of East Boise County? There were 59 home and land Sales in total (not including WR), of which we had;
- 134 Homes listed in all (not including WR)
- 43 Home Sales
- 16 land sales
- 32% absorption rate for home sales
- 98 Average days on market
- $111,457 Average list price
- $103,802 Average sold price
- $57.64 Average price per sq ft
2012 REAL ESTATE FORECAST;
The Federal Reserve has alluded that it will maintain its current interest rates through 2012. Which I had anticipated since they want everyone focused on the elections.
As we all know we’re not out of the woods yet; but barring any unforeseen economic crises (holds breath) I do believe we are past the bell curve on the foreclosure market. We will yet see many more homes complete the foreclosure process and banks still have a back flow to list. However as the year progresses we should start to see a gradual decline. I suspect another 18 months before this market really becomes a part of our past.
I don’t foresee too much activity in land sales for 2012, though it more than likely will be an improvement over the last two years.
My anticipation is we will see a few more home listings this year than last year and as long as pricing is right and interest rates stay low, my goal is to increase our absorption rates by at least 10%. If you have not had a chance please visit http://www.wildernessranchhomes.com and if your on Facebook send us a like and feel free to post a comment or a picture.
I look forward to assisting each one of you. please feel free to call or write if you have a question. Always glad to help. You may email me at email@example.com or phone me at 208 794-8175 Mobile or 208 344-5700 Office
New View team