Quarter sawn fiddleback maple is a favorite with violinist and cellists. Acoustic guitarist like Canadian Spruce tops and Mahogany sides and backs. The fret boards should always be rosewood or ebony (a few customers may request maple necks on electric guitars). Solid body electric guitars, similar to "Stratocaster" are almost always made of alder ash. Many electrics are made with a very thin laminate of figured maple over the ash. (to cut cost here, one USA guitar company uses a colored "water slide" decal of fancy maple over the ash)!
There are four grades of luthier wood: Expensive, ridiculously expensive, you are kidding me expensive, and "you'll never get that kind of money from me" expensive. The grading is the number of defects in the board which effects the "voice" of the instrument. A near perfect violin set may well set you back $500 or more.
The key to instrument making IS selecting the right wood "cured" slowly at a perfect humidity level. This allows the thin wood to keep its strength, keeps down warping, splitting, check, cracking and improves tonality. The better the piece of wood, the more care it is given during the cure process. This is still hand work (by craftsman) and it takes a long time. THAT is why luthier wood is so expensive. It also ain't worth spit for pen making.
Grizzly tools sells some decent luthier woods at somewhat reasonable prices. Be sure to order "book matched" panels. AND ABOVE ALL GET ALL THE WOOD YOU NEED AT THE SAME TIME FROM THE SAME SUPPLIER. It is nearly impossible to "go back" and try to match a wood grain from another lot. And "mixing" wood lots will likely make the instrument sound "goofy".
Oh yeah, and balsa or bass wood does a good job for framing and bracing.