Pine Brook Estates Real Estate Newsletter. June 12th, 2026

It has now been 3 months since the last Real Estate Newsletter for Pine Brook, which means it is time for an update. A lot of variation has occurred within our market as well as some additional legislative changes that will apply to our area. If this is your first time reading, this newsletter is written quarterly to benefit those within our community by keeping them up to date on market trends, sales data, legislative changes, and anything else that can affect anything real estate related for the neighborhood. Additionally for those just joining for the first time, a quick note about me the author: My name is Parker Stevens and I am a real estate broker with Realty Quest here in town. My wife and I are actually breaking ground today on our personal home in Pine Brook! We are excited to meet all of you. With that being said, let's get to discussing what has been happening in the area.

Key Stats for the past 3 months for Pine Brook

• Number of homes currently for sale in the division: 6

• Price per square foot of homes currently listed for sale: $245.56

• Number of vacant land parcels listed for sale: 2

• Number of homes sold in the past 3 months: 1

• Average sales price of homes sold in the past 3 months: $700,000

• Price per square foot of homes sold in the past 3 months: $194.55

• Average days on market for sold homes: 117

• Sold price as a percentage of list price: 100%

As you can see, not much has happened in the past few months in the neighborhood in terms of movement of inventory with only 1 home sale closing on market and 1 lot having sold off market. The number of homes listed for sale is still steady though. I expect things to pick up as buyers settle into the new normal. Thus far for 2026, market activity is similar to 2025 for Rexburg.

Legislative Changes: Local Short Term Rental Regulations Now Limited By State Law

House Bill 583, passed during the 2026 Idaho legislative session, creates a statewide framework for short-term rentals and significantly limits how cities and counties can regulate properties used as Airbnb or VRBO rentals. The law classifies short-term rentals as a residential use rather than a commercial use and prohibits local governments from imposing regulations that are stricter than those applied to other residential properties. While local governments may still enforce general rules related to noise, parking, safety, and building codes, they can no longer require special permits, owner-occupancy requirements, or other regulations that specifically target short-term rentals. This bill does not eliminate safety standards. Basic safety measures such as smoke detectors, carbon monoxide detectors, fire extinguishers, and occupancy limits that apply to all residential uses will still apply to short term rentals.

The new law is expected to increase flexibility for homeowners and investors by making it easier to operate short-term rentals throughout Idaho. By reducing regulatory barriers, HB 583 could encourage additional investment in vacation rentals and second homes while giving property owners more options for generating rental income. In eastern Idaho, the changes will eliminate permitting requirements previously imposed by jurisdictions such as Fremont County and may also remove annual renewal fees and other short-term rental-specific regulations in Rexburg. Supporters view the law as a protection of private property rights and a boost for tourism-related investment, while critics argue it reduces local control and could contribute to housing affordability challenges in communities already facing limited housing supply. As a result, HB 583 is widely considered one of the most significant Idaho real estate laws passed in recent years.

What does this mean for Pine Brook? Following the effective date of July 1st, it will be easier for owners to rent their property as a short term rental within the community. The city of Rexburg will also no longer have the short term rental specific oversight that they did have prior to the bill taking effect. Short term rentals may become more prevalent within our community. For a more in depth reading on this new law and its implications, you can find my full length article covering the changes here: https://www.pstevensrealestate.com/post/idaho-legislature-makes-changes-to-short-term-rentals-house-bill-583-and-its-effects

Market Activity and Interest Rates: Tied Together

Rates are elevated compared to where they were during the last update. The ongoing impacts of the Iran conflict have put inflationary pressure on the market as fuel prices skyrocketed, driving up on the cost of goods on virtually everything in the US. Average 30 year conventional purchase rates are hovering around 6.5% with a few institutions beating that. Rates have seemingly stabilized over the past month and the upward climb has stopped seemingly for now.

What will happen moving forward? Ultimately it is anyone's guess. Strong job reports mixed with a rising inflation index certainly makes rate increases in play but not a sure thing by any means. My personal view is that we will fluctuate around these current rates until the Iran conflict is finished and fuel prices stabilize.

Market activity is still remaining stable however even with the current struggles around affordability. Prior to the Iran conflicts beginning, it looked like we were on track to vastly exceed 2025 market activity but we have certainly come back down to earth. Things are pretty balanced out there with some homes selling quickly, others taking longer along with price cuts, and buyers negotiating for concessions. Smart/savvy purchasers and sellers are still accomplishing their goals with the right strategies.

Vacant land continues to defy the odds and climb both in price and demand. In Madison county during the past 6 months lots approximately 1 acre in size have sold for an average of $112,563. The six months prior to that period the average selling price was $82,311. This is an almost 37% increase in the average selling price in just a 6 month period. To put this in perspective, the long term average appreciation for real estate as a whole tends to be around 4/5% annually or 2 to 2.5% in a six month period.

Pine Brook 2 Park

A side note regarding the park situation within the neighborhood. The HOA has sent out information regarding bids collected for a park along with voting scenarios for the current situation. I will summarize that information here just as and additional way of helping to get the word out.

The Pine Brook Estates HOA is evaluating options to develop a private neighborhood park on approximately one acre of HOA-owned property located near Cypress Loop and Pine Brook Lane. After discussions with City of Rexburg officials, the HOA Board confirmed that the city does not require the subdivision to build a park or green space, as the neighborhood's half-acre lots already provide substantial open space. Any park approved by the membership would remain privately owned and maintained by the HOA rather than the city.

A resident survey conducted by the park committee identified the top requested amenities as a playground, a multi-use concrete recreation pad suitable for activities such as pickleball, and benches. City officials advised that open green spaces without amenities often become expensive to maintain while receiving limited use. They also cautioned against installing highly popular amenities that could attract large numbers of visitors from outside the neighborhood. The proposed recreation pad was recommended as a flexible option that could be used for pickleball, neighborhood gatherings, and other recreational activities while helping reduce maintenance and discouraging non-resident use.

Current preliminary estimates place the cost of a one-acre park between approximately $148,000 and $175,000 before contingency funds and certain installation expenses. A smaller half-acre park could reduce costs significantly while still providing the most requested amenities. Funding for the project would come from HOA members through a combination of existing park funds, special assessments, and potentially participation in a Local Improvement District (LID) program to finance eligible sidewalk and easement improvements. The HOA currently has approximately $43,700 in park funds, but additional funding would be required to complete the project. If approved, construction would not begin until final park plans are completed, contractor bids are received, all required funding is secured, and materials have been ordered. The park would be intended for the use and enjoyment of Pine Brook HOA members and their accompanied guests on a first-come, first-served basis. The HOA has also indicated that the park would not be available for organized sports leagues, commercial activities, or private reservations.

In addition to construction costs, homeowners should be aware that a park would create ongoing expenses for irrigation, mowing, snow removal, repairs, insurance, equipment maintenance, and future replacements. These recurring costs would likely require increases to HOA dues over time. If the membership ultimately votes against the park proposal, the HOA will continue working with legal counsel to determine future options for the property, including the potential sale of the lots and allocation of any proceeds in accordance with the subdivision's governing documents and applicable legal requirements.

Members are encouraged to review the available information, ask questions, and participate in the voting process as the decision will have both short-term and long-term impacts on the neighborhood, HOA finances, and future community amenities. If you did not receive this information, you can reach out to the HOA board to have it sent to you or reach out to me and I would be happy to forward you a copy of the files provided by the HOA.

It has been communicated that a vote will be held regarding the question on whether or not to build the park and if the vote is yes, then another vote will be held to determine the size of the park. 75% of all property owners will need to vote in order for the vote to be considered official and legal. Regardless of whether you do or do not want the park to be built, please VOTE!