Boise New Home Sales: 2005-2010

Here’s a breakdown of Ada County new home sales for each year from 2005 through 2010.

2005

  • # Sales: 4,900
  • Average Price: $246,654
  • Median Price: $219,900

2006

  • # Sales: 3,812
  • Average Price: $299,191
  • Median Price: $275,000

2007

  • # Sales: 1,926
  • Average Price: $316,416
  • Median Price: $273,900

2008

  • # Sales: 1,426
  • Average Price: $257,597
  • Median Price: $216,000

2009

  • # Sales: 1,249
  • Average Price: $198,077
  • Median Price: $168,090

2010

  • # Sales: 1,029
  • Average Price: $203,322
  • Median Price: $174,467

The trend lines are consistently downhill for closed units, but interestingly, prices rose a little in 2010.
Will 2011 be the year that breaks the trend?
I think it might and here’s why.
I am seeing sticks going up in many Treasure Valley subdivisions including Paramount, Harris Ranch, Spurwing Greens, Bridgetower, and various other subdivisions throughout the Treasure Valley.
To my astonishment, I even saw a semi loaded with trusses on Eagle Road last week!
Buyers are awakening to the fact that there’s a reason why short sale and REO listings sell at lower prices ~ they are not in the same condition as a brand-new home, not built to recently-strengthened building codes, and often (usually?) not Energy Star Compliant.
And, then, there’s the difference in the aroma of a new home vs.  a short sale or REO listing.
Data pertains to Ada County new single-family homes on lot/acreage and does not include condo/townhome properties.

Eagle, Idaho Real Estate: 2010 YTD New Home Sales

Eagle New Home

Here’s a breakdown of Eagle, Idaho new home sales for January through October of 2010.
Total New Construction
Includes all age categories of new construction

  • # Closed Sales = 31
  • Average Sales Price = $410,690
  • Median Sales Price = $394,171

To Be Built
These are new homes that were pre-sold prior to starting construction

  • # Closed Units = None !!!
  • Average Sales Price = N/A
  • Median Sales Price = N/A

Under Construction
These are new homes that were sold during construction

  • # Closed Units = 13
  • Average Sales Price = $412,826
  • Median Sales Price = $394,235

New – Never Occupied
These are new homes that were sold after completion of construction (spec homes)

  • # Closed Units = 18
  • Average Sales Price = $409,182
  • Median Sales Price = $384,900

Data obtained from Intermountain MLS on 11/14/10 and includes Eagle, Idaho single-family homes on lot/acreage; data does not include condo/townhome properties.

Meridian, Idaho Real Estate: 2010 YTD New Home Sales

Meridian New Home

Here’s a breakdown of Meridian, Idaho new home sales for January through October of 2010.
Total New Construction
Includes all age categories of new construction

  • # Closed Sales = 435
  • Average Sales Price = $201,450
  • Median Sales Price = $183,344

To Be Built
These are new homes that were pre-sold prior to starting construction

  • # Closed Units = 26
  • Average Sales Price = $219,103
  • Median Sales Price = $231,567

Under Construction
These are new homes that were sold during construction

  • # Closed Units = 101
  • Average Sales Price = $237,835
  • Median Sales Price = $230,500

New – Never Occupied
These are new homes that were sold after completion of construction (spec homes)

  • # Closed Units = 308
  • Average Sales Price = $187,308
  • Median Sales Price = $173,650

Data obtained from Intermountain MLS on 11/14/10 and includes Meridian, Idaho single-family homes on lot/acreage; data does not include condo/townhome properties.

Boise, Idaho Real Estate: 2010 YTD New Home Sales

Boise New Home

Here’s a breakdown of Boise Area (Ada County) new home sales for January through October of 2010.
Total New Construction
Includes all age categories of new construction

  • # Closed Sales = 917
  • Average Sales Price = $198,948
  • Median Sales Price = $169,450

To Be Built
These are new homes that were pre-sold prior to starting construction

  • # Closed Units = 47
  • Average Sales Price = $231,048
  • Median Sales Price = $234,700

Under Construction
These are new homes that were sold during construction

  • # Closed Units = 244
  • Average Sales Price = $216,810
  • Median Sales Price = $199,834

New – Never Occupied
These are new homes that were sold after completion of construction (spec homes)

  • # Closed Units = 626
  • Average Sales Price = $189,169
  • Median Sales Price = $162,188

Data obtained from Intermountain MLS on 11/14/10 and includes Ada County single-family homes on lot/acreage; data does not include condo/townhome properties.

Boise Real Estate's New Construction Sags

There’s a fascinating new story on Trey Langford’s BuildingCredibility.com this morning.
Trey’s article says only 93 Treasure Valley builders pulled more than one permit in 2008.
Even more interesting is the fact that the pace of permits they pulled dwindled by 50% in the 2nd half of 2008.
Check out the article here.