I keep talking about how our market it here is a little strange. While we have elements of being a depressed market, we also have odd elements of being a sellers market and there is still quite a bit of new construction going on. Last weekend I went to the HGTV Showcase Showdown reveal and it was just another example of how there is tons of building going on in Boise. These HGTV homes were in a nice subdivision called Harris Ranch and there are vacant developed lots and building galore going on down there - more than you would expect in a declining market. So, to take a look at this strange market I wanted to compare year over year new construction only sales and below is what I found:
Clearly from all the market reports I have done, June is our biggest month in Ada and Canyon county- or so it has been for the last couple of years. Interestingly there was a bump in sold prices from July to November 2010 but then they dropped back down in December.
Then, in January they came back up again and even though median sold prices in 2011 were lower than 2010 at least in the summer months, for new construction the prices overall have remained higher. Of course, this only shows through September, and this month isn't even complete yet.
Kasey & John Boles
Jon Gosche Real Estate
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