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June 2020 Market Report: Ada County Real Estate Market
June 20, 2020 at 10:34pm | Jonna Weber
Every month we send out an informative real estate market update. To subscribe to receive the full version of our complimentary, obligation newsletter, please click here. To check out
an excerpt from this month's newsletter, keep reading...
LAST MONTH: ACROSS ADA COUNTY HOME SALES PREDICTABLY LOWER Unsurprisingly, last month the total number of closed home sales was predictably lower than one
year ago (down 29.7%). With that said, when you consider this seemingly significant drop, it is important to keep in mind that the homes included in this number (i.e. homes that were under contract and then fullyclosed) reflect buyer activity from March and April when Idaho's stay-at-home order was in full force, which temporarily stifled a significant amount of
real estate activity.
When it comes to 'Pending' transactions (i.e. homes or properties that are currently under contract/have accepted offers) that number has increased year-over-year by 4.7%. If you then compare that same number (of homes 'Pending') to the previous month's
number of 'Pendings', you will see an increase of 25.4%. Both of these comparisons help to emphasize the fact that the Boise real estate market is still firing right along. Over the next couple of months we will see these transactions go from 'Pending'
to 'Closed', which will correlate with a significant shift in the numbers.
While nothing is 100% certain during this unprecedented time, our team remains very optimistic about Boise's local housing market. Due to how strong our market kicked off 2020, coupled with continued buyer demand and low supply, we think
the stage is strongly positioned for a rebound in sales.
At Jonna Weber Real Estate, our goal continues to be to ensure you always 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!
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 6%, the time it took to sell decreased by 12.5%, inventory decreased 22.9%,
but (as noted above) substantially fewer homes sold (-29.7%).
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 27.8%! With inventory so low and demand high, it remains a fantastic time to sell.
For newly constructed homes, the overall trend remains pretty consistent, with the exception of how long these homes are remaining active on the market (i.e. how long it takes for them to go "Pending"). New homes are remaining on the market
for 48 days opposed to 19 days (the average for pre-existing homes).
Treasure Valley Housing Markets Average Sold Price (May 1814, 2020 - June 18, 2020)
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 yourhome 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. Otherwise, keep reading to learn more about what's happening in Ada County's real estate market.