2022 Boise Idaho Real Estate Blog

How the Boise Idaho Real Estate Market has changed in the last 3 years

Main Idaho Real Estate Insights
Many people want to simplify Boise Real Estate market conditions but there are too many moving parts to boil it down to just one thing. There is new construction, resale homes, foreclosures, short sales, inventory levels of homes for sale, building lot availability, average sales price of new and existing homes and then paste that acorss each MLS Area across Treasure Valley. There is a lot to creating a real estate report. That being said here are several changes we have noticed in the Boise Idaho Real Estate Market.

Boise Real Estate Market Report February 2012

  1. Inventory level are down. View Idaho Real Estate Trends Report. 3 years ago many people Boise IDaho In-Migration Reportwere trying to sell their home but it was very difficult because average Boise Idaho Home Values were dropping. Those that were playing the market were on hold which kept sales down and pushed home values down further.
  2. New Construction was active in the starter home and low end of Move-Up Buyers. There were numerous new homes for sale both homes that went unfinished because the builder walked away and excessive inventory that was still left over. Today new construction is gaining momentum again.
  3. We can debate if the bottom of the market is behind us but trend charts indicate home values are on the way up. This is driven by supply and demand of course, so this would indicate that economics is playing a hand in Boise Idaho Home Values. Supply is down and dropping and home buyers are starting to bid again on Boise properties, especially distressed property!
  4. New Construction in Boise Idaho is being driven by Move-Up Homes Buyers and Empty Nesters. In the peak of the market, there were many price points being built and sold, including luxury homes ($600k+). Last years it seemed like the target price point was around $200k but now it seems like many builders are building in the price points of $250k to $400k.
  5. Canyon County (Nampa, Caldwell, Middleton, Parma, Wilder) continue to struggle with sales. which then holds home values in these markets down. Most Idaho Real Estate Agents talk about how this market is normally 1 year behind Boise. This spring may be the point that Canyon County IDaho has been waiting for.

So what does this mean to a home buyer?

Idaho Home Builders have been fiercly competitive in their determiniation to sell homes. They have Canyon County In-Migration Reportdriven prices down for trades, retail suppliers, construction material suppliers and other builder services. Lot prices have also been driven down. Many business owners did this just to stay in business and keep employees working. Most are not expecting 2012 to be a major change in sales but 2011 marked thh first year that several builders did well. View Top Idaho Home Builders Report.

With supply diminishing, home buyers are turning to new construction which is going to also increase demand and prices of new homes.

Boise Idaho Developers have been in a holding pattern for quite a while which has led to a decreasing inventory of what we would call "A" Class Building Lots. This is lots with location, community amenities, like a pool, beautiful streetscapes and are considered to be nicer communities. By 2013 developer may be back, even with thousand of "B" a "C" Class Lots.

Empty Nesters and Out of State Buyers seem to be the most common theme in new construction but why Boise, Idaho? Most I talk to say they are following family and love the lifestyle! 

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Posted by tlangford at 2/15/2012 1:41:00 PM

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