Market Update for South West Boise Idaho Real Estate Market - reffered to as "South of the Freeway"
Note: MLS areas 500 (S. Boise), 550 (SW Boise), 1000 (SE Meridian) & 1010 (SW Meridian)
We have found that the statistics are pointing to a market imbalance that is quickly approaching. There ARE NO NEW STARTS to speak of in the semi-custom home market and we could conceivable be out of New Construction inventory within 6-9 months. Given the lag time to build supply back into the market, we see a possibility to a change in the overall marketplace given the reduction in supply. For a more detailed analysis, visit New Construction Consulting.
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0 - $199,999
ACTIVE LISTING AVERAGES
HZ Village Tuscany
AVG Price $200,000 $193,000
AVG Size 1589 sq.ft. 1507 sq.ft.
AVG $ per ft. $123.00 $129.00
$200,000 - $249,999
- 9.4 MONTHS OF INVENTORY
- Avg. 15 sales per month over the last 3 months
- New Construction Inventory is down 18% over the last 6 weeks…..total of 40 homes in this price point (4 of which are “To Be Builts”)
- 71% of the listings priced under $120 per sq.ft. VERSUS 90% of the sales priced under $120.00 per sq.ft. (NOTE: this discrepancy is important and shows continued downward pricing pressure)
- 23% of the active listings are being “marketed as short sales” VERSUS 21% of the sales made were sold short.
- New Construction makes up 28% of the active listings VERSUS 26% of the sales.
- 24% of the market is CBH & Aspen
ACTIVE LISTING AVERAGES
HZ Village Tuscany Cedar Edge
AVG Price $227,000 $237,000 $229,000
AVG Size 1825 sq.ft. 2002 sq.ft. 1957 sq.ft.
AVG $ per ft. $124.00 $118.00 $119.00
NOTABLE SOLDS since 12/15/2008
· TUSCANY – BOISE HUNTER HOMES – 2500 SQ.FT. – 245K - $98 per sq.ft.
· TUSCANY – BOISE HUNTER HOMES – 2100 SQ.FT. – 235K - $112 per sq.ft.
· HAZELWOOD NORTH – SYRINGA RESALE – 2326 SQ.FT. – 203k - $87 per sq.ft.
· CEDAR EDGE – BLACKSTEAD – 1711 SQ.FT. – 218K - $128 per sq.ft.
· BROWNSTONE – LEGEND CO. – 2412 SQ.FT. – 209K – 87 per sq.ft.
$250,000 – $299,999
- 6.6 MONTHS OF INVENTORY
- Avg. 14 sales per month over the last 3 months
- New Construction Inventory is down 43% over the last 6 weeks…..total 19 homes in this price point (6 of which are “To Be Builts”)
- 66% of the listings priced under $120 per sq.ft. VERSUS 100% of the sales priced under $116.00 per sq.ft. (NOTE: This is an extremely important fact! The Hazelwood Village and Sonata Hills communities are not participating in this price point….and…..the Hazelwood Village community is not capable of competing in this price point due to lot size, garage size & sq.ft. size of our competition. It is my opinion that Sonata Hills product should trend to this price point.)
- 10% of the active listings are being “marketed as short sales” VERSUS 50% of the sales made over the last 6 weeks were sold short.
- New Construction makes up 21% of the active listings VERSUS 33% of the sales
ACTIVE LISTING AVERAGES
Note: 1 of the 2 active listings in Sonata is a resale
Sonata Hills Tuscany
(2 listings) (12 listings)
AVG Price $288,000 $277,000
AVG Size 2129 sq.ft. 2445 sq.ft.
AVG $ per ft. $135.00 $113.00
$300,000 - $349,999
· 9 MONTHS OF INVENTORY
· Avg. 7 sales per month over the last 3 months
· New Construction Inventory is down 42% over the last 6 weeks….total 15 homes in this price point (4 of which are “To Be Builts”)
· 47% of the listings priced under $130 per sq.ft. VERSUS 80% of the sales priced under $110.00 per sq.ft. (Note: Very important statistic and shows continued downward pricing pressure)
· 10% of the active listings are being “marketed as short sales” VERSUS 36% of the sales made over the last 6 weeks were sold short.
· New Construction makes up 23% of the active listings VERSUS 36% of the sales.
ACTIVE LISTING AVERAGES
Note: 4 of the 11 actives in Tuscany are resale
Note: 2 of the 5 actives in Sonata Hills are resale
SONATA SONATA TUSCANY TUSCANY
RESALE NEW RESALE NEW
AVG Price $327,000 $340,000 $335,000 $334,000
AVG Size 2861 sq.ft. 2688 sq.ft. 2714 sq.ft. 2789 sq.ft.
AVG $ per ft. $114.00 $126.00 $123.00 $120.00
$350,000 - $399,999
· 13.6 MONTHS OF INVENTORY
· Avg. 4 sales per month over the last 3 months
· New Construction Inventory is down 37% over the last 6 weeks….total 15 homes in this price point
· 12% of the active listings are being “marketed as short sales” VERSUS 100% of the sales made over the last 6 weeks were sold short.
· New Construction makes up 37% of the active listings VERSUS 0% of the sales over the last 6 weeks.
· Note: This price range is POISON and there is NO LONGER any predictable sales production in this price range.
ACTIVE LISTING AVERAGES
SONATA TUSCANY
AVG Price $372,000 $378,000
AVG Size 2950 sq.ft. 3100 sq.ft.
AVG $ per ft. $125.00 $122.00
NOTABLE SOLDS since 12/15/2008 (Both sold SHORT)
· 4.12 acres w/large home – 3997 sq.ft. - $379,000 - $95.00 per ft.
· 1.3 acres w/large home – 4389 sq.ft. – $380,000 - $86.00 per ft.
NOTE: All statistics compiled by the New Construction Consulting Team manager Joe Grubiak - he can be reached at 208-514-9258 | joe@43re.com
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A New Direction In Real Estate
Jeff Martel | Broker / Marketing Director
7400 West State Street, Boise Idaho 83714
Voice|Fax: 888.452.5257 XTN 701
Main Brokerage: http://www.43re.com
New Homes: http://www.NewConstructionBoise.com
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