NEW HOMES UNDER CONTRACT WAY UP IN TREASURE VALLEY
Boise is on the climb. In the last few months we are seeing activity in New Construction not seen in over five years. The Growth in New Home sales as of late has been staggering. According to the recent issue of the Jare Report, new homes pending in the Boise area are up 75% compared to this time last year.
I’m hearing from Builders I know here in the valley demand is “through the roof” and prices will be increasing soon. This sudden change is being fueled by the lack of inventory in the resale market. Buyers are frustrated at the lack of choices in most price ranges under $500,000 with the existing homes. The supply of homes in Ada and Canyon Counties is down…at like the lowest point in almost 10 years. This makes new construction an obvious choice.
Also, prices are up, so when you can spend an extra $2/foot and get the new house smell why not?
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