COVID-19'S IMPACT ON THE MARKET: ADA COUNTY HOME SALES PREDICTABLY LOWER
As real estate professionals and consumers heeded Idaho's stay-home order, the total number of real estate sales dipped predictably. While real estate was deemed essential (which allowed transactions that were started before the stay-home order was issued to close), much of the activity that would have transpired across our market was put on pause. This pause resulted in a year-over-year decrease in the total number of homes sales across Ada County of 19.5%.
Now for the good news, as our state moves through the stages outlined in its re-opening plan we fully expect sales to rebound over the coming months. Buyer interest for homes across the valley never decreased, buyer execution was just put on a foreseeable pause. And despite April's dip in sales, the overall median sales price for homes sold reached a new record of $374,900 (which is a year-over-year increase of 13.6%).
Our team continues to closely the monitor our local real estate market and the COVID-19 situation. Our goal is always to ensure you have access to the information and resources you need to make informed decisions about your real estate investments. If you'd like to discuss your unique situation, we would be happy to chat!
Graphics provided by Boise Regional Realtors.
Summary: If you group together both existing and newly
constructed single-family homes and compare those numbers to the same month one year ago; the sales prices increased 13.6%, the time it took to sell decreased by 19.5%, inventory decreased 18.9%, and (as noted above) fewer homes sold (-19.5%).
If you then examine just existing/resale homes (and remove all the newly constructed homes from the statistics) the general year-over-year trends remain similar - but the decrease in inventory is even more dramatic - down an incredible 26.2%! It's worth noting that one year ago, we thought inventory (i.e. the total number of homes listed for sale) was incredibly low - and now it's even lower! With so few homes on the market (and buyer demand high), it is a GREAT time to sell.
If you then examine just existing/resale homes (and remove all the newly constructed homes from the statistics) the general year-over-year trends remain similar - but the decrease in inventory is even more dramatic - down an incredible 26.2%! It's worth noting that one year ago, we thought inventory (i.e. the total number of homes listed for sale) was incredibly low - and now it's even lower! With so few homes on the market (and buyer demand high), it is a GREAT time to sell.
Treasure Valley Housing Markets
Average Sold Price (April 14, 2020 - May 14, 2020)
- Eagle: $612,085
- Boise: $379,802
- Meridian: $391,151
- Star: $470,667
- Garden City: $371,985
- Kuna: $335,097
- Middleton: $293,481
- Nampa: $299,606
- Caldwell: $281,658
View all of our featured listings at Jonna Weber Premier Properties, or click on any of the houses below to learn more about the property.
If you've been considering a move, this would be a great time to connect with us to discuss the current value of your home and to see what's newly available on the market. To discover what your home is currently valued at, simply click here and we will happily provide you with an obligation-free, complimentary home or investment property evaluation.
If you’re hoping to buy, keep in mind that low inventory certainly isn’t the same as no inventory. There are options available, and rates are making mortgage payments more manageable. Click here or call us to discuss what you're looking for.
