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 us.
REGIONAL ECONOMIC OVERVIEW
I am pleased to report that Idaho has not only recovered all the jobs that were lost following the onset of the pandemic, but total employment is now 10,400 jobs higher than the previous peak we saw in February of last year. Utah is the only other state in the U.S. that can make this claim. Having recovered all the jobs lost, and with new positions being added, the unemployment rate continues to trend lower and now stands at a very solid 3.2%—almost half the national rate of 6%. New COVID-19 cases did rise in the first quarter, but not to such an extent that is likely to negatively impact the economy. In all, Idaho is positioned very well to continue to grow.
IDAHO HOME SALES
❱ In the first quarter of 2021, 4,949 homes sold, representing a drop of 4.5% year over year. Total home sales were down 32% from the final quarter of 2020.
❱ Interestingly, sales did rise in all the northern markets compared to the same time a year ago, with impressive increases across the board. However, sales were down 32% compared to the fourth quarter of 2020.
❱ Year-over-year sales growth was positive in three of the seven Southern Idaho counties, but the areas that saw growth are all relatively small.
❱ Pending sales rose 1.4% compared to the final quarter of last year, suggesting that the second quarter is likely to show improvement. The biggest issue, however, is the lack of homes for sale: inventory levels are 48.6% lower than a year ago, and 8.7% lower than in the fourth quarter.