Market NewsReal Estate Trends May 3, 2021

Q1 2021 Idaho Real Estate Market Update

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.

Continue Reading

CareersMarket NewsReal Estate Trends March 22, 2021

New Windermere Powerhouse Group Office in Caldwell

Our growing brokerage is excited to announce the new Windermere Powerhouse Group office in Caldwell. The addition brings a team of knowledgeable, experienced agents, most of whom are 2020 Caldwell Board of Realtors Top Producers. Wherever you desire to live or invest in the Treasure Valley, we’re here to serve you.

Please help us welcome our newest team members, drop by our office at 2900 Cleveland Blvd. in Caldwell and meet the Caldwell agents here.

Market NewsReal Estate Trends February 2, 2021

Q4 2020 Idaho Real Estate Market Update

 

by Matthew Gardner

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.

REGIONAL ECONOMIC OVERVIEW

Along with the rest of the country, the Idaho economy and its employment levels were significantly impacted by COVID-19. Though 83,100 jobs were lost, the recovery continues, with all but 3,400 of the jobs lost having returned. With this recovery in employment, the unemployment rate, which peaked at 11.8% in April, now stands at a respectable 4.8%. Although the direction is very positive, I am continuing to temper my enthusiasm because Idaho saw new COVID-19 cases rise in December. If this continues, the pace of the job recovery may slow.

IDAHO HOME SALES

❱ During the final quarter of 2020, 7,282 homes were sold. This represents a very significant year-over-year increase of 19.4%.

❱ In the southern markets, sales also rose in all counties. Blaine County saw a remarkable increase: the number of transactions there was up 88%. Double-digit growth was seen in all counties other than Payette.

❱ Year-over-year sales growth was positive in all the Northern Idaho counties contained in this report. Boundary County saw significant growth. Overall, the region saw double-digit growth.

❱ Pending sales slowed compared to the third quarter, but I attribute this to seasonality. Listing activity was 50% lower than in the fourth quarter of 2019, which certainly frustrated would-be buyers.

IDAHO HOME PRICES

❱The average home price in the region rose a very significant 29% year-over-year to $496,679.

❱ In Northern Idaho, prices rose significantly in Kootenai County, but all counties saw double-digit gains. Southern Idaho price growth was equally impressive, with Blaine County standing out with an average home sale price over $1.2 million.

❱ Prices rose in all Northern and Southern Idaho counties covered by this report.

❱ As mentioned above, inventory levels remain an issue. As much as I would like to say they will increase early in the spring, I am afraid that may not be the case.

 

Continue Reading

 

Market NewsReal Estate Trends January 11, 2021

Incorporate Pantone’s Color of 2021 Into Your Home

by Sandy Dodge

For the second time ever, Pantone’s Color of the Year is actually two colors: Ultimate Gray and Illuminating Yellow. Ultimate Gray is emblematic of natural elements that stand the test of time, while Illuminating Yellow is a cheerful sunshine yellow, symbolizing energy and clarity.

Here are some ways you can harness this color harmony in your home.

 

Brighten Your Bedroom

With a foundation of Ultimate Gray, Illuminating yellow will brighten your bedroom, livening up the space and radiating positivity. Mix and match different furniture and accent wall combinations to get the right balance of sunny yellow and solid gray.

 

 

 

 

 

 

 

Refresh Your Home Office

Home offices have become more important than ever. As working from home continues in 2021, your remote workspace is the perfect location to add in Pantone’s Color of the Year. We all could use some added stimulation to keep our workdays going smoothly and productively. Use Illuminating to add some colorful accents or to paint your wall, balance it out with some Ultimate Gray, and let the positivity fill your home office. A modern home office with a yellow wall.

 

 

 

 

Accents In Your Living Room

Pantone’s Illuminating is a perfect accent color for your home. Incorporate this energetic sunshine yellow in your living room in the form of decorative throw pillows, blankets, and accent décor pieces like vases and curtains. Ultimate Gray is a perfect color for large furniture items and will help to balance out the tone of your living room. It provides a neutral backdrop, which gives you the freedom to decorate brightly.

 

 

Make A Statement With Your Front Door

Your front entrance plays a significant role in the first impressions of your home. What better way to use Pantone’s striking yellow than a front door makeover? Illuminating yellow presents an opportunity to bring a little sunshine to your family and guests every time they approach. Ultimate Gray as both a wall color and an accent color will help to solidify your new, strikingly optimistic front door. Accent pieces like house numbers, your mailbox, and plant pots will help create harmony between the two colors. A yellow front door against a gray wall.

Read more about this year’s color trends and how you can incorporate them into your home here: 2021 Paint Color Trends

EventsMarket NewsReal Estate Trends December 21, 2020

Giving locally in 2020

2020 is a year like no other we have seen in our lifetime. It presented a unique set of challenges for many and it is not lost on any of us at Windermere Powerhouse Group that our industry is thriving locally. We realized we were given a gift this year. We were reminded of what is truly important… family, friends, health and home. It was an opportunity to appreciate little things we took for granted. Our community is special and we wanted to do all we could to make sure that we were helping others who were in less fortunate circumstances.  

Windermere Powerhouse Group staff, agents and their clients got creative in figuring out ways to help. We hosted a Drive Thru Donation day for the Boise Rescue Mission, donated money to The Idaho Foodbank and helped seven families through Faces of Hope have a special Christmas. We all have time, talent or money to donate and strive to live that motto. 

 

We look forward to continuing and doing even more in 2021. We are grateful we have the resources to help others and appreciate the community that serves us. If you are interested in helping any of these local organizations, they are all linked above. 

Happy Holidays and Cheers to 2021.

 

Did you know?

For the past 30 years a portion of every Windermere agent’s commission has been donated to the Windermere Foundation. Having 100% participation gives us a common purpose and sends a powerful message about our commitment to the community. Housing is our business, so helping homeless families is a natural fit. We later expanded that to include low-income families, with an emphasis on helping children.

Market NewsReal Estate Trends October 30, 2020

Idaho Real Estate Market Update

 

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
EventsMarket News September 14, 2020

Donation Drive-Thru SUCCESS!

When a global pandemic makes your planned events impossible, you adapt!

We all watched COVID-19 bring many businesses to a standstill and leave countless people struggling with basic needs. In addition to feeling extremely grateful that we were still busy and working, we felt a desire and responsibility to help our community that was struggling. The Boise Rescue Mission Ministries, who does amazing work throughout the entire Boise area and has a facility a few blocks from our office, had additional needs for their residents and reached out for help. Their typical style of getting companies involved was not possible with the realities of COVID-19, just as our typical style of connecting with our clients, vendors and friends was not possible. So when they asked if we would be willing to try a different type of event, we were up for it.

 

On July 28th we hosted one of the very first “Donation Drive Thru” events in our parking lot and invited everyone we knew to help. Although the event was organized in a way that would keep everyone safe and healthy, we were unsure what the response would be. Many were still tentative about leaving home for non-essential errands. Our agents and staff promoted the event, giving everyone an opportunity to contribute and we are happy to say that the event was a success! Even our mail carrier stocked her van and donated when she delivered our mail.

The next day we received this note and it is with full hearts we thank the Boise Rescue Mission Ministries for all the work they do and for inviting us to be involved.

“On behalf of Boise Rescue Mission Ministries we just wanted to thank you and Windermere Powerhouse Group so much for hosting yesterday’s drive thru drive. Because of you and your team, your clients, and even a neighborhood mail lady we received over 700lbs of summer needs items, clothing, and back to school supplies.  This will certainly help us meet the needs of the many men, women, and children staying in our emergency shelters.  I look forward to offering your team a tour of our shelters so you can directly see how your donations impact lives for the good and are a piece of the puzzle to help break the cycle of homelessness, drug and alcohol addictions, and hopelessness.  Thank you all again so much. You have blessed us!” Ricky Alseth

We are proud to be part of Windermere, a company that is all in, for community. To learn more about Boise Rescue Mission Ministries and how you can get involved, please visit their website BoiseRM.org

Market NewsReal Estate Trends July 30, 2020

Idaho Real Estate Market Update

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 Powerhouse Group agent at 208-920-5966.

 

ECONOMIC OVERVIEW

It appears as if the significant COVID-19-induced contraction in employment Idaho experienced earlier this year is behind us (at least for now). Statewide employment declined modestly in March, but April was the real shock, with the loss of more than 78,000 jobs in the month, a decline of 10.2%. However, the economy appears to have turned around remarkably quickly, with a solid increase of 24,300 jobs in May. Idaho did see COVID-19 cases rise significantly in June, but the latest data appears to suggest that the trend has started to reverse. If this continues, I am hopeful more of the jobs lost will return.

 

HOME SALES

  • During the second quarter of 2020, 6,264 homes were sold, a drop of 10.6% when compared to the second quarter of 2019. However, I would note that sales rose 22.2% compared to the first quarter of this year.
  • In the southern markets, sales rose in small Valley County, but dropped in the rest of the counties covered in this report compared to the same period a year ago.
  • Year-over-year, sales growth was negative in all of the Northern Idaho counties contained in this report. The most substantial drop was in Bonner County, though the decline there amounted to only 37 units.
  • Pending sales rose a significant 18% over the first quarter of the year, suggesting that closed sales will rise in the third quarter.

Continue reading

 

EventsMarket NewsReal Estate Trends July 14, 2020

Donation Drive-Thru supporting Boise Rescue Mission

Tuesday, July 28th from 9 am to 2 pm
Windermere Powerhouse Group at 621 S. 17th Street, Boise

Windermere, a premier real estate company in the Western US, understands the importance of home and has made tackling homelessness a priority for many years. Windermere Powerhouse Group is located in Midtown Boise and our staff and agents see challenges facing our homeless population daily.  During the COVID-19 pandemic there are more needs than ever. Our team is grateful that our industry  has remained strong and realize more than ever the importance of supporting our community.

Our brokerage we donated to the Idaho Foodbank, providing 3000 meals to local families. Many agents have donated and volunteered and contributed on an individual level and now we are inviting you, our family, friends, clients and business partners, to help. We will be collecting donations for the Boise Rescue Mission on Tuesday, July 28th from 9 am-2 pm. There will be a Drive Thru Donation at our office, 621 South 17th Street where you can drop off needed supplies in a safe and healthy way.

How can you help?

“Every little bit helps” is the consistent statement we hear from the Rescue Mission staff. Everything is appreciated. Below is a list of various items from canned food, to summer and school supplies and clothing. Did you know that in addition to a food pantry and meals they also have a clothing room for residents to “shop”? Your gently used clothing gives children the chance to wear clothing that fits or gives an adult the opportunity to have professional clothing for a job interview. 

We look forward to your support and your help promoting this event. If you are not available to drive thru on the 28th, feel free to drop supplies off to Gretchen Bolton at Windermere Powerhouse Group. For more information or questions, contact Gretchen at 208-920-5966 or at gbolton@windermere.com.

Ongoing Needs:
Adult and children’s clothing – Gently used or new
Non perishable food items
Batteries – all sizes

Summer Needs
Spray sunscreen
Clorox wipes bottled
Water/juice boxes
Bottled water
Healthy lunch items (string cheese, yogurts, lunchmeat, individually packaged healthy snack items)
9V batteries.
Razors
Socks
Men’s underwear
Hand sanitizer wipes
Tylenol
Lysol/disinfectants
Masks

Back to School Needs:
Alcohol-free hand sanitizer
Facial tissue
Sanitizing wipes
Zip lock bags (gallon & quart)
Mechanical pencils (0.7 mm)
0.7 mm lead
Colored pencils
Multi-color highlighters
Sharpies
Dry erase markers / erasers
Watercolors
Pencil boxes
Pencil sharpeners
Glue sticks
2-Pocket folders
Zipper binders (3” or larger)
Subject dividers
Composition notebooks (wide ruled)
Composition notebooks (college ruled)
Lined loose-leaf paper (wide ruled)
Lined loose-leaf paper (college ruled)
Spiral notebooks (wide ruled)
Graph paper
Book covers (XL)
Flashcards: Addition
Flashcards: Multiplication
Ear buds
Flash Drives (2 to 8 GB)

About the Boise Rescue Mission

The Boise Rescue Mission started in 1958 as a small soup kitchen with a few cots to feed and shelter homeless people. Fast forward 50+ years and the Rescue Mission has expanded to 5 ministry centers in Boise and Nampa providing not just meals and shelter, but clothing, household items, career development, veteran services and recovery programs. Read more about the ministry here. Boise Rescue Mission Ministries

Market NewsReal Estate TrendsUncategorized April 29, 2020

Gardner Report – Idaho Real Estate Market Update and Forecast

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 Idaho’s housing market, please contact us at 208-920-5966 or powerhouse@windermere.com

 A MESSAGE FROM MATTHEW GARDNER

Needless to say, any discussion about the U.S. economy, state economy, or housing markets in the first quarter of this year is almost meaningless given events surrounding the COVID-19 virus.

Although you will see below data regarding housing activity in the region, many markets came close to halting transactions in March and many remain in some level of paralysis. As such, drawing conclusions from the data is almost a futile effort. I would say, though, it is my belief that the national and state housing markets were in good shape before the virus hit and will be in good shape again, once we come out on the other side. In a similar fashion, I anticipate the national and regional economies will start to thaw, and that many of the jobs lost will return with relative speed. Of course, all of these statements are wholly dependent on the country seeing a peak in new infections in the relatively near future. I stand by my contention that the housing market will survive the current economic crisis and it is likely we will resume a more normalized pattern of home sales in the second half of the year. 

HOME SALES

  • During the first quarter of 2020, 5,128 homes were sold, representing a solid increase of 12.6% compared to the first quarter of 2019 but down 9.9% compared to the fourth quarter of 2019. Read more.
  • In Northern Idaho, Shoshone County experienced a significant increase in sales — up 15.5% over the first quarter of 2019. There was a modest increase in Kootenai Country and a very slight contraction in Bonner County. In Southern Idaho, sales rose by double digits in Valley, Canyon, and Ada counties. Blaine and Boise counties showed a modest decline in sales.
  • Year-over-year sales growth was positive in two of three of the Northern Idaho counties, and sales rose in all but two Southern Idaho market areas over the same period a year ago.
  • Pending sales rose in the quarter, suggesting that closed sales in the second quarter will be positive regardless of COVID-19.

 

 

 

HOME PRICES

  • The average home price in the region rose 11.3% year-over-year to $382,601. Prices were 1.5% higher than in the fourth quarter of 2019.
  • In Northern Idaho, Bonner County led the market with the strongest annual price growth, but there were solid gains in all counties. In Southern Idaho, Gem County saw prices rise a very significant 37.5%, and there were double-digit increases in all counties other than Valley.
  • Prices rose in all Northern Idaho counties covered by this report compared to the first quarter of 2019, and rose in all but one Southern Idaho county.
  • Inventory continues to be an issue, which is driving up home prices. Listing activity was down 7.2% compared to the first quarter of 2019. Listing activity was also down 8.8% compared to the final quarter of 2019.

 

 

DAYS ON MARKET

  • It took an average of 112 days to sell a home in Northern Idaho, and 92 days in the southern part of the state covered by this report.
  • In Northern Idaho, days on market dropped across the board. In Southern Idaho, market time dropped in Boise and Payette counties but rose in the other areas covered by this report.
  • The average number of days it took to sell a home in the region dropped 2 days compared to the first quarter of 2019 but was up 21 days compared to the final quarter of 2019.
  • Homes sold the fastest in Boise and Ada counties.

 

 

 

CONCLUSIONS

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

Given the current economic environment, I have decided to freeze the needle in place until we see
a restart in the economy. Once we have resumed “normal” economic activity, there will be a period of adjustment with regard to housing. Therefore, it is appropriate to wait until later in the year to offer my opinions about any quantitative impact the pandemic will have on the housing market.

 

 

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.