What is up with the Treasure Valley Real Estate Market? Main Idaho Real Estate Insights

Are prces still climbing? Is inventory up or down? CAn you help us decipher what is going on?

Meridian is Idaho's fastest-growing city; Star, Eagle on the list, too
By Kathleen Kreller and Joe Estrella, Idaho Statesman

With its boom of new construction and growing residential subdivisions, Meridian has overtaken Kuna as Idaho's fastest-growing city.

From mid-2004 to mid-2005, Meridian grew by 14.5 percent, the fastest rate by overall percentage and population increase in Idaho, according to figures from the U.S. Census Bureau. 

I saw a chart recently that showed Boise inventory has started to come down as of June 1st.  The agent who sent it to me said:

Inventory is now decreasing, we should see some strong price increases throughout the rest of the summer.

Anybody "on the ground" noticing any upward trends in pricing or a downward trend in inventory? Read More

New developments may help hold down housing costs-

As more houses are built over the next few years, homebuyers may a slight edge when negotiating
Joe Estrella, Idaho Stateman

Relief may be in sight for Treasure Valley consumers struggling to find affordable single-family housing in a market where a dwindling inventory has driven home costs to record levels.

Developers and officials with local industry-related Web sites say dozens of new housing developments in the area along with more than 30,000 building lots in the regulatory pipeline may help hold the line on runaway costs that are pricing potential home buyers of the market. 

Investor interest in Valley homes slows-
Some industry leaders fear investors may flood the market with homes for sale, undermining the construction boom
Joe Estrella, Idaho Statesman

Out-of-state investors have driven Treasure Valley single-family home sales to record levels. Soon they could be the market's undoing, some local housing-industry leaders say although a rental-property manager says that's unlikely.

Since 2004, California investors have poured millions into homes here, lured by affordable prices and annual double-digit home-appreciation rates. Their plan: rent out the properties until prices were high enough to resell the homes at a profit.

Posted by tlangford at 6/26/2006 3:12:00 PM
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Comments (2)
Re:What is up with the Treasure Valley Real Estate Market?
Inventory is climbing and market times are returning to "normal". Based on current trends we will see homes beginning to sit on the market from 90 to 180 days, much like the pre 2005 era. Builders have more lots tied up then they can build on, which will keep prices level if not even drop slightly to move product and lots.
Posted by on 6/28/2006 11:43 AM
Re:What is up with the Treasure Valley Real Estate Market?
Although many sellers got used to multiple contracts at the top of the market last year, we are now back to reality. The good news is that there is a direct correlation between home sales and the unemployment rate. Even better news is that the unemployment rate in the valley is 3.4% while the national average is around 5%. We are in good shape and home purchasing is still a great investment in the Treasure Valley.
Posted by on 6/28/2006 5:49 PM

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