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...
EVEN IN THE MIDST OF A GLOBAL PANDEMIC, ADA COUNTY'S 2020 REAL ESTATE MARKET OUTPACED THE PREVIOUS YEAR
Safe to say that one year ago, none of us could (or would) have predicted what 2020 would bring. And WOW, what a year it turned out to be! Just like all markets, in our local real estate market, we saw ups and downs (and everything in-between). Here's
a quick review:
- The year started out strong. In January 2020, home sales were significantly higher than they were one year prior (up 21.5%).
- In late February throughout March, we saw sales taper slightly (due to the unpredictability and uncertainties brought on by the pandemic).
- By April and May (which in normal circumstances, is the timeframe we typically see the market pick up) sales were down largely due to the mandated stay-home order and other restrictions.
- Come June, we saw a large 22% jump (compared to June 2019) and that jump helped strong throughout the month of November. The result: nearly a year's worth of activity was suppressed into 6 months. In total, 11,728 homes sold in Ada County in 2020 — 5.2% more than in the previous year.
Even in the midst of all of the challenges that the pandemic brought about, home sales were able to continue due in large part to the widespread adoption to new virtual technology. What a year! We are so grateful to have worked with so many wonderful
clients throughout 2020 (thank you for being our silver lining), and are excited for 2021!
If you group together both existing and newly constructed single-family homes and compare those numbers to the same month one year ago (detailed in
the top infographic: inventory plummeted by nearly 80%, the median sales price increased by 24.3% (coming in at $434,900), and homes sold SWIFTLY (61.2% faster than one-year-ago).
If you then examine just existing/resale homes (and remove all the newly constructed homes from the statistics) the general year-over-year trends noted above remain similar (but the numbers are slightly even more dramatic - or if you
are considering selling - significant
If you're contemplating selling a home or property... it's undeniably a great time to do so. Let's connect to discuss!
And finally, if you look at just newly constructed homes, the overall trend again remains pretty consistent. New homes are selling for a median sales price of $444,900 and there are substantially fewer of them available than there were one year ago
(inventory is down by 73.6%) - and they are selling significantly faster (by 62.2%).
TREASURE VALLEY HOUSING MARKETS
Average Sold Price (December 21, 2020 - January 21, 2021)
- Boise: $452,685
- Eagle: $954,205 (WOW!)... the median sold price was $750,000
- Meridian: $473,681
- Star: $467,944
- Garden City: $368,950
- Kuna: $414,999
- Middleton: $374,724
- Nampa: $356,621
- Caldwell: $358,321
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
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
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.