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www.BuildIdaho.com reports demand for Boise, Idaho real estate continues

Main Idaho Real Estate Insights
The Boise Idaho Real Estate market heats up as home buyers struggle to find homes for sale and compete against investors.

Since approximately the third quarter of 2011 the average real estate values in Boise Idaho have been rising. Many Idaho real estate agents want to summarize the market or narrow it down to a few points but the real estate market is a dynamic industry. There are many segments including short sales, foreclosures, used homes for sale and new homes for sale. There are home buyers like families and empty nestors, but also investors and spec home builders that add a layer of complexity. Take each of these across each MLS area and factor in home buying decisions like traffic, road construction, failed home owner associations and more and one begins to realize the complexity of the real estate market

Trying to sum up the entire Boise Real Estate Market is not as simple as most want to make it but there are two consistent trends- 1) the amount of homes for sale continues to drop and 2) because of the sustained demand for homes the average real estate values continue to rise.

In May 2012, the Intermountain MLS noted that the total number of listings was up 54 from April at 2,043 listings but the listings in May 2011 total was 2,629. The total # of homes sold was 600, almost the sale as 2011 but new homes sold was up 100%, 130 new homes sold. The average price of homes was up $30k!

New construction is benefiting as home buyers frustrated with the lack of inventory and trying to bid against investors have many looking at new homes. Many builders are starting to build again but one challenge they face is finding building lots. Many of the largest Boise building companies have been purchasing entire communities which is also increasing lot prices.

The interest in lot prices is particularly notable as this is the basis for the cost of a new home.

 
Posted by tlangford at 6/11/2012 5:33:00 PM

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