Home building and home sales skyrocketing in Treasure Valley

Credit: Paul Boehlke/KTVB

Home building and home sales skyrocketing in Treasure Valley

Print
Email
|

by Justin Corr

Bio | Email | Follow: @JCorrKTVB

KTVB.COM

Posted on September 4, 2013 at 6:45 PM

BOISE -- Whether you're driving around the outskirts of Boise, Meridian, or Canyon County, you've probably noticed all the new homes being built. Those in the real estate business say it's proof of the rebounding market.

For years, if you drove by Avimor off Highway 55, you'd see a lot of empty lots and almost no homes. But all that's changed.

Stacy Bahrenfuss is the real estate broker of the Catalyst Group, which handles all the homes in Avimor. "It's been very busy."

Avimor has 80 homes now with 15 on the way. Bahrenfuss says they're gearing up to start building about two homes per week. "Last year the sales were significantly less. Overall, we will more than double our production up here this year."

But Avimor isn't the only neighborhood where homes are being built and bought. According to Intermountain MLS, the pace of homes sold in Ada County this year is up 17 percent over 2012. Of those, existing home sales are up 14 percent, and new home sales are up 30 percent.

"We had the lowest interest rates in history combined with low home prices, and you don't get that together ever," said Bahrenfuss. "That caused new construction because of the low inventory levels."

That new construction is a big boon to home builders that have been suffering through a stagnant market for years.

"It was really good there for a long time and then it kind of just died off," said Taylor Rogers with Ackerland Construction. "We've had a great summer. We've been busy all the way through."

Analysts say with a still relatively low number of homes available in the area that this trend should continue. Which is good news for home sellers, home buyers, and the women and men that build all those homes.

"Just to be able to show up every day and know that you have work lined out in front of you, is just a lot better than sitting at home and worrying how your bills are going to get paid," Rogers said.

Over in Canyon County, the rate of total homes sold is increasing at a slower rate than Ada County. But the pace of new being homes sold is much faster with Canyon County seeing a 43 percent jump when compared to last year at this time.

On Saturday, Avimor breaks ground on a new 12,000 square-foot community center, which managers say is only possible because of their recent sales.

Print
Email
|