Real Estate Market Trends for Canyon County

 

  • Windermere Economics & Matthew Gardner predict that growth over the next 5 years with be 9.7% as well as 4947 additional owner households to be formed

 

  • Windermere Economics found over the last 3 years average ownership Tenure in Ada County to be between 6 – 7 years. In 2010 the average was between 3  3.5  years. 

 

  • Matthew Gardner predicts 9.0% growth in single family home price forecast for 2020.

 

Check out more local Statistics from Windermere Powerhouse Group

For More Information and local real estate market statistics and forecast for County, City and Neighborhood throughout Ada County.

Send and email or call us at 208-920-5966.


Posted on January 30, 2020 at 12:08 am
Windermere Powerhouse Group | Posted in Events, Market News, Real Estate Trends | Tagged , ,

Real Estate Market Trends for Ada County

  • Windermere Economics & Matthew Gardner predict that growth over the next 5 years with be 13.1%, as well as 15,810 additional owner households to be formed.

 

  • Windermere Economics found over the last 3 years average ownership tenure in Ada County to be in between 6.5 -7 years. In 2010 the average was between 3.5 – 4 years. 

 

  • Matthew Gardner predicts 9.2% growth in single family home price forecast for 2020 for Ada County.

 

Check out more local Statistics from Windermere Powerhouse Group

For More Information and local real estate market statistics and forecast for County, City and Neighborhood throughout Ada County.

Send and email or call us at 208-920-5966.


Posted on January 29, 2020 at 11:58 pm
Windermere Powerhouse Group | Posted in Events, Market News, Real Estate Trends | Tagged ,

Idaho Real Estate Market Update

Posted in Idaho Real Estate Market Update by Matthew Gardner, Chief Economist, Windermere Real Estate

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.

Please join us to hear Matthew’s Economic and Real Estate Forecast for Idaho in 2020. January 30th, 10 am -12 pm at JUMP in Downtown Boise. Click here to reserve your spot. 

 

ECONOMIC OVERVIEW

The job market in Idaho has picked up again, adding 19,700 new jobs over the past 12 months — an annual growth rate of an impressive 2.7%. That said, growth levels are still off the frenetic pace of 2018.

In November, the state unemployment rate was 2.9%, marginally higher than the 2.8% rate of a year ago. It cannot be disputed that the state remains at full employment. It is also interesting to note that the employment rate remained below 3% even as the labor force rose 2.8%, suggesting that the economy remains very strong and new entrants to the labor force are finding jobs with relative ease.

 

HOME SALES

  • 5,691 homes were sold during the final quarter of 2019, representing a 3.7% increase compared to the fourth quarter of 2018.
  • In Northern Idaho, Bonner County experienced a significant increase in sales — up 28.3% over the third quarter of 2018. However, Bonner is a small county so significant swings are not unusual. In Southern Idaho, sales also jumped in Payette County. The declines in total sales in three counties are, again, a function of the small number of transactions that took place in those markets.
  • Year-over-year sales growth was positive in two Northern Idaho counties and four Southern Idaho counties relative to the same period a year ago.
  • Pending sales dropped 32.5% over the third quarter of 2019, suggesting that closed sales in the first quarter of 2020 are likely to be lower than current figures.

 

 

HOME PRICES

  • The average home price in the region rose 11.7% year-over-year to $377,011 and sale prices were 2.5% higher than in the third quarter of 2019.
  • In Northern Idaho, Shoshone County led the market with the strongest annual price growth, but it is worth noting that the other two counties also saw double-digit price appreciation. In Southern Idaho, Boise County home prices leapt by more than 37%, and there were notable increases in Canyon, Gem, and Ada counties.
  • Year-over-year sales growth was positive in two Northern Idaho counties and four Southern Idaho counties relative to the same period a year ago.
  • Pending sales dropped 32.5% over the third quarter of 2019, suggesting that closed sales in the first quarter of 2020 are likely to be lower than current figures.

 

 

DAYS ON MARKET

  • It took an average of 117 days to sell a home in Northern Idaho and 60 days in the southern part of the state.
  • The average number of days it took to sell a home in the region dropped 9 days compared to the fourth quarter of 2018, but it took 11 days longer to sell a home compared to the third quarter of 2019.
  • In Northern Idaho, days on market rose in Bonner and Kootenai counties, but dropped in Shoshone County. In Southern Idaho, market time dropped in Payette, Gem, Boise, and Blaine counties, but rose in Valley, Canyon, and Ada counties.
  • Homes sold the fastest in Payette, Canyon, and Ada counties.

 

 

CONCLUSIONS

The speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Job growth is impressive and, as we all know, economic/job growth drives demand for housing, which continues to bode well for the Idaho market. Price growth remains impressive, but one must wonder how long this rapid trend in price growth can continue.

Even though I do expect to see slower price appreciation at some point in the future, it is unlikely to happen any time soon. As such, it remains staunchly a seller’s market so I have moved the needle a little more in their direction.

 

ABOUT MATTHEW GARDNER

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.


Posted on January 22, 2020 at 5:57 pm
Windermere Powerhouse Group | Posted in Events, Market News, Real Estate Trends |

Matthew Gardner – Will There Be A Recession in 2020?

Windermere Chief Economist, Matthew Gardner, answers the most pressing question on everyone’s minds: Will there be a recession in 2020? Here’s what he expects to see.

 

 

If you are interested in learning more about the Idaho’s economic and real estate market forecast for 2020 from Matthew Gardner live, please join us on January 30th at JUMP in Boise from 10:00 am-12:00 pm. To reserve your spot or if you have any questions, please contact Gretchen Bolton at gbolton@windermere.com.


Posted on January 14, 2020 at 12:13 pm
Windermere Powerhouse Group | Posted in Events, Market News, Real Estate Trends | Tagged , , , , , ,

Boise = Top Real Estate Market in the Nation

From Realtor.com

Idaho’s economy pretty much collapsed during the Great Recession. Now, it has one of the highest rates of job growth in the nation, largely propelled by the Boise metro area. Out-of-staters are pouring into the bucolic city tucked in the mountains—according to realtor.com data for the third quarter of 2019, 62.4% of viewers of listings in the Boise metro area were out of state.

“It is absolute craziness,” says Rob Inman, a real estate agent at Boise’s Best Real Estate. He estimates that about half of his company’s clients are from out of state; a few years ago, it was more like 20% to 30%.

They’re attracted by the jobs, many in the tech sector, and by Boise’s relative affordability. Californians, especially, are all too eager to leave behind the Golden State’s high taxes and home prices. All this has exacerbated a housing shortage, and developers are racing to keep up with demand.

“I don’t think you can stand and do a 360-degree turn in this town without seeing construction,” Inman says.

Buyers who can spend $300,000 to $400,000 are in the best position—”I can find [those buyers] homes all day long,” he says, especially in suburbs like Meridian where that much money will get you a newly built, three- to five-bedroom home with granite countertops and hardwood floors. (Check out this one!) Closer to the newly revitalized downtown, prices go up, although the housing stock is older (this one from 1939 has gotten some nice upgrades).


Posted on December 12, 2019 at 3:30 pm
Windermere Powerhouse Group | Posted in Uncategorized |

Economic & Housing Forecast presented by Matthew Gardner

Save the Date

January 30, 2020 10 am- 12 pm

 

You are invited to join us as Matthew Gardner, Chief Economist for Windermere, presents a 2020 Economic and Housing Forecast for Idaho on January 30, 2020, 10 am – 12 pm at JUMP in Downtown Boise.

Matthew is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. regularly speaks at events around the country, is frequently quoted in the media in stories and publishes the Gardner Report, which highlights market conditions in regions throughout the Western U.S. View the 3rd Quarter 2019 Idaho Report here.

Please contact us if you are interested in attending or learning more about the upcoming event. PowerhouseGroup@Windermere.com or 208-920-5966.


Posted on November 7, 2019 at 10:25 am
Windermere Powerhouse Group | Posted in Events, Market News, Real Estate Trends | Tagged , , , , , , , , ,

Idaho 2019 3rd Quarter Real Estate Economic Report

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.

ECONOMIC OVERVIEW
Following a trend that started last fall, job growth in Idaho continues to moderate. The addition of 15,700 new jobs year-over-year represents an annual growth rate of 2.1%. This is to be expected at this point in the economic cycle, though it’s worth adding that the current rate of job growth remains well above the national average of 1.4%.

In August, the state unemployment rate was 2.9%, marginally higher than the 2.8% rate a year ago. It cannot be disputed that the state remains at full employment. It’s also interesting to note that the employment rate remained below 3% even as the labor force rose by 2.2%, suggesting that the economy remains very strong and new entrants to the labor force are finding jobs relatively easily.


HOME SALES ANNUAL CHANGE IN HOME SALES                                    Q3-2018 TO Q3-2019
❱ During the third quarter, 7,342 homes sold, representing a modest drop of 3.4% compared to the third quarter of 2018.

❱ In Northern Idaho, Shoshone County experienced a 17.9% increase in sales over the third quarter of 2018. There was a modest increase in Bonner County and a very slight contraction in Kootenai County. In Southern Idaho, sales jumped in Boise and Canyon counties. Blaine County also saw a slight increase, but sales activity was lower in the rest
of the region.

❱ Year-over-year sales growth was positive in two Northern Idaho counties and three Southern Idaho counties.

❱ Pending sales rose in the third quarter, suggesting that closed sales in the final quarter of this year are likely to be an improvement over current figures.


HOME PRICES

❱ The average home price in the region rose 8% year-over-year to $367,963. Prices were 2.7% higher than in the second quarter of this year.
❱ Prices rose in all counties compared to the third quarter of 2018.
❱ In Northern Idaho, Shoshone County led the market with the strongest annual price growth. Bonner County also had solid price growth. In Southern Idaho, Gem County saw prices rise a very significant 29.7%, and there were notable increases in Valley, Canyon, and Boise counties. ❱ Inventory continues to be an issue. The number of homes for sale is down 3.4% compared to the third quarter of 2018. Although listings are up 7% over the second quarter, the market remains very tight, and this is pushing prices higher.


❱ It took an average of 94 days to sell a home in Northern Idaho, and 54 days in the southern part of the state.

❱ The average number of days it took to sell a home in the region dropped ten days compared to the third quarter of 2018. It was also ten days lower than in the second quarter of this year.

❱ In Northern Idaho, days-on-market dropped across the board. In Southern Idaho, market time dropped in all counties except Ada and Canyon, though the rise in average market time was very modest.

❱ Homes sold the fastest in Gem, Canyon, and Ada counties.

The speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Job growth continues to slow from the frenetic pace of the past few years but remains quite impressive. As is commonly known, economic/job growth leads to demand for homeownership and this continues to bode well for the Idaho market; however, home sales continue to be held back by a lack of inventory and this is leading to higher prices.

As such, it remains a sellers’ market so I have moved the needle just a little more in their direction.

ABOUT MATTHEW GARDNER
As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K. Matthew also sits on the Washington State

Governors Council of Economic Advisors; chairs the Board of Trustees at the WA Center for Real Estate Research; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.


 


Posted on November 4, 2019 at 1:41 pm
Windermere Powerhouse Group | Posted in Market News, Real Estate Trends | Tagged , , , , , , , , ,

Idaho Economic Market Report

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 our office.

 

ECONOMIC OVERVIEW

Following a trend that started last fall, job growth in Idaho continues to moderate. The addition of 18,400 new jobs year-over-year represents an annual growth rate of 2.5%. This is to be expected at this point in the economic cycle, but it’s worth noting that the current rate of job growth remains well above the national average of 1.6%.

In May, the state unemployment rate was 2.8%, marginally lower than the 2.9% rate of a year ago. The state remains at full employment, though it is interesting to note that the employment rate remained below 3% even as the labor force rose 2%, suggesting that the economy remains very robust as there are still job openings to accommodate new workers.

 

HOME SALES

  • 6,936 homes were sold during the second quarter of 2019, representing a modest drop of 2.8% from the second quarter of 2018.
  • In Northern Idaho, Shoshone County was the only county to experience sales growth, with sales up by 21.3% over the second quarter of 2018. There was a modest decline in sales in the other two counties. In Southern Idaho, Canyon and Payette counties had modest sales growth, but the rest of the region experienced lower sales activity.
  • Year-over-year sales growth was positive in just one of the Northern Idaho counties. Sales rose in two Southern Idaho market areas relative to the same period a year ago.
  • Pending sales rose in the quarter, suggesting that closed sales next quarter are likely to be an improvement over current figures.

 

HOME PRICES

  • The average home price in the region rose 7.8% year-over-year to $358,406 and was 3.2% higher than the first quarter of this year.   Continue reading…..

 

    


Posted on August 14, 2019 at 3:48 pm
Windermere Powerhouse Group | Posted in Market News, Real Estate Trends | Tagged , , , , , , , ,

Welcome Bonnie Burry

 

Windermere Powerhouse Group is proud to announce Bonnie Burry has accepted the position of Designated Broker. Bonnie brings a wealth of knowledge and a spirit of adventure and generosity to our brokerage. She shares our vision and passion of relationships before sales, strategic growth and impeccable service and ethical industry standards.  Bonnie is a Certified Residential Specialist, earned her Associate Broker designation nearly three decades ago and is a long-time member of the Top Producers club. She has mentored countless agents, served in leadership roles and is excited to take on the challenge of Designated Broker at Windermere Powerhouse Group, a flourishing new brokerage in Boise. And Windermere Powerhouse Group is excited to have Bonnie leading the team.

Get to Know Bonnie

Bonnie’s love for homes and the Idaho hills began as a small child growing up on a fruit ranch in Emmett, Idaho. She followed her father around while he built the home she grew up in. There she developed building skills, a love for design, and the integrity instilled by an Idaho rancher.

A career in the industry was by default. She was on her way to obtaining a masters degree in education when she realized her true passion is real estate. And the rest is history. That side track has turned into a 35 year love affair with real estate. Loving the process of helping her clients get the best service possible is her heart’s joy.

She proudly served on the Historic Preservation Commission, helping to the maintain Historic integrity of Boise’s North end. Her love for construction was obvious in her many restoration projects. As a licensed contractor, she saved over 25 homes from decline and gave them new life. This became her signature style!

See our Office

We invite you to come by our office and take a tour, meet (or reconnect with) Bonnie, and learn more about Windermere Powerhouse Group. Please join us in welcoming our new Designate Broker Bonnie Burry at burrbs@windermere.com or 208-371-7144.

Check out Designated Broker Bonnie Burry’s full bio here or visit our office at 621 S 17th Street, Boise, ID 83702. Keep up with Boise’s real estate market trends and follow us on  Facebook.  


Posted on August 6, 2019 at 3:56 pm
Windermere Powerhouse Group | Posted in Careers, Market News, Real Estate Trends | Tagged , , , , ,

Ready, Set, Go….Backpack Drive!

Please join Windermere Real Estate as we fund the Ready, Set, Go…..Backpack Drive. Our goal is providing 500 backpacks, stocked with school supplies, so  ALL students get to experience back to school EXCITEMENT!  We created a Go Fund Me page and are asking our friends to help. Let’s make the first day of school a GREAT DAY for EVERYONE! Thank you in advance for helping. Be sure to designate Community Schools in the drop down menu of the donation section and put Backpack Drive in the comments.

 

Ready, Set, Go…..Backpack Drive Donate Here!

 

So how did this partnership begin? 

It started back in 1984 when every Windermere closed its offices for one day to help make a positive difference in their local communities. Thirty-five years and more than one million hours of community service later, Windermere offices across the country continue this tradition.

In 2018 we were introduced to the Community Schools and last June the Windermere Powerhouse Group team along with our other local Windermere offices spent the day at Whitney Community Center, a member of the Boise Community Schools. We pulled weeds, cleaned up their garden and create a painted rock landscape to achieve the goal of a clean and bright school welcoming the students back in the fall. It was an amazing day painting rocks with students and getting to know the incredibly generous staff members. We knew we were going to continue working with them throughout the year.

 

 

 

 

 

What we learned

Like many of you, we weren’t familiar with the Boise District Community Schools and the services they provide. As real estate professionals, we are familiar with the differences of the current housing market compared to twenty years ago. However, many of us were shocked at the drastically different demographics of the school district over the last 20 years. We met some homeless students in June, happily painting rocks with us, excited that we wanted to help their school. We learned later that 600-800 children are homeless or unaccompanied, meaning they have no parent or guardian. And 49% of students qualify for the free or reduced lunch program.

Boise faces all the challenges of any growing urban area and The Community Schools is a unique program making a difference in addressing those challenges. It’s both a place and a set of partnerships between the school and other community resources. It has an integrated focus on academics, health and social services. Youth and community development as well as family engagement leads to improved student learning, stronger families and healthier communities. They provide resources beyond what we typically think of in school including a food pantry, dental check-ups, coats & boots, weekly English classes, parental education, job seeking and resume services. It is essentially the community so many people are striving to be part of.

The Ready, Set, Go….Backpack Drive is the next urgent need. The goal is ensuring that all students get to go back to school on equal footing with their peers, with a new backpack full of supplies. Windermere real estate decided this is a great opportunity to help and we are encouraging you to help too! Let’s send 500 kids back to school with confidence and excitement to start the new year! 

 

******Donate to the Backpack Drive Here*****

 

 

 

 


Posted on July 26, 2019 at 2:35 pm
Windermere Powerhouse Group | Posted in Real Estate Trends | Tagged , , , , ,