by Phil Hoover, Real Estate Broker

Boise Real Estate’s Vacant Homes

I’m often asked why so many of our available listings are vacant.

Given that more than 50% of all available homes are vacant, you’d think that half the county up and left.

But, when I drill into MLS data, the true reasons emerge.

Some sellers have simply moved on due to relocation, short sales, foreclosures, etc.

Another reason is “under construction” and “new-never occupied” spec home listing inventory.

Then, we come to phantom listing inventory ~ “to-be-built” homes that don’t exist.

Pre-selling a home before beginning construction often allows a builder to get another construction loan, which is why it’s standard practice for builders to list homes they have not yet started to build.

Builders list those homes in hopes of snagging an eager buyer who will buy a home (any home) before they break ground.

Here’s a breakdown of available listings that will help explain our vacant listing inventory.

  • Total Available Listings: 1,867
  • Total Vacant Listings: 951 (50.9%)
  • To-Be-Built: 260
  • Under Construction: 152
  • New-Never Occupied: 142
  • REO Listings: 52

Data pertains to Ada County single-family homes on lot or acreage.  Data does not include condo or townhome properties.

 

May 12th, 2013 Posted in Boise Market Stats Print This Post Print This Post
  1. One Response to “Boise Real Estate’s Vacant Homes”

  2. By Steve on May 12, 2013

    I’ve always wondered about this Phil.

    Thanks for clearing it up for me! :)

    Have a Happy Mother’s Day!

    Woooooooo Hoooooooo! :)

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