Boise Idaho Building Lots for Sale Main Idaho Real Estate Insights
Boise Lot sizes and Price updates. Are lot prices still too high?

This weekend we reviewed current Boise area Lot listings and updated the site. It is easy to say we have a large amount of inventory but as I reviewed lots subdivision by subdivision, there really is a large selection. I was surprised to see asking prices still hanging on. One builder told me recently that lots were still 40% over priced. After reviewing everything lots do not seem to reflect what it going on in the market place. Although I know several people who were able to find deals, they also purchased multiple lots, therefore they had buying power. Currently, the real estate activity is forcused on under $250k. If lot prices are generally 25% of the cost of a new home that means a lot needs to be under $62 thousand. That still seems high from what I hear as the "word on the street."

This is a great time to do you homework, even if you are just thinking about it. Now may be a great time to say to your spouse 'let's just make an offer?" You never know how motivated the seller is.

Dream big in 2009,

Trey Langford

Posted by tlangford at 3/16/2009 3:48:00 AM
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Comments (3)
Re:Boise Idaho Building Lots for Sale
Interesting, any idea of what percentage of lots are owned by the banks?

A question, I'm not seeing ANYTHING on this years Parade of Homes, what is up there?
Posted by on 3/16/2009 8:21 PM
Re:Boise Idaho Building Lots for Sale
The main problem with lots right now is regardless of pricing there is very little market for them since the banks have made it extremely difficult on the builders. So far this year there have only been two standard (6,000 - 9,999 sq. ft.) lots sell via the MLS in Boise with an average price of $52,000. The MLS shows a current listing inventory of 108 standard lots for sale in Boise with a median price of $82,750; however that number is not accurate since many builders already own lots they are hoping to build on, not resell.

For the same period in 2008, there were 32 closings with a median price of $62,800.

In 2007, there were 22 closed with an average of $64,500.

Keep in mind these numbers are only for standard lots in Boise and do not typically reflect lots in inventory by builders.

If you would like a custom list of lots just contact me!

Jim Paulson, CRS, GRI
Owner/Broker - Progressive Realty Corporation
[email protected]
Posted by on 3/22/2009 7:48 PM
Re:Boise Idaho Building Lots for Sale
Regarding the lack of data on this years Parade of Homes, that is because the builders with homes in this years Parade of Homes are not allowed to advertise them as such until the Parade Starts. The cut off for the entries was last fall (before the kick off of the Fall Collection).

Jim Paulson, CRS, GRI
Owner/Broker - Progressive Realty Corporation
[email protected]
Posted by on 3/22/2009 7:50 PM


Michelle Penick, Boise Idaho Real Estate Agent

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Michelle Penick

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