Market News • Real Estate Trends • October 30, 2020

Idaho Real Estate Market Update

by Windermere Powerhouse Group

The following analysis of select counties of the Idaho real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent.

ECONOMIC OVERVIEW

Idaho never ceases to amaze me! Along with the rest of the country, its economy was significantly impacted by COVID-19 and it shed 83,100 jobs between February and April. Since that time, the recovery has been palpable. Even though state payrolls contracted 10.8%, it has now recovered 69,500 of the jobs lost, leaving a relatively small shortfall of 13,600 jobs. With this recovery in employment, the unemployment rate, which peaked at 11.8% in April, has pulled back to 4.2%. Though this all sounds remarkably positive, Idaho has seen COVID-19 cases rise again, and this may slow the job recovery that appears to be in place.

HOME SALES

During the third quarter of 2020, 9,078 homes were sold, representing a very significant increase of 23.5% year-over-year. Sales were also 44.9% higher than in the second quarter of this year.
In the southern part of the state, sales rose in all but the very small Boise County. The 8.9% drop there represented only seven fewer transactions. Valley County saw significant growth.
Year-over-year sales growth was positive in all the Northern Idaho counties contained in this report, with significant growth in Bonner County.
Pending sales were positive relative to the second quarter, suggesting that closings in the final quarter of this year will also rise. Sales across the state are limited only by the lack of homes available to buy. Continue reading