Here’s a breakdown of Ada County new home sales for each year from 2005 through 2010.
- # Sales: 4,900
- Average Price: $246,654
- Median Price: $219,900
- # Sales: 3,812
- Average Price: $299,191
- Median Price: $275,000
- # Sales: 1,926
- Average Price: $316,416
- Median Price: $273,900
- # Sales: 1,426
- Average Price: $257,597
- Median Price: $216,000
- # Sales: 1,249
- Average Price: $198,077
- Median Price: $168,090
- # 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.