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

Posted on October 30, 2020 at 12:42 pm
Windermere Powerhouse Group | Posted in Market News, Real Estate Trends |

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

 


Posted on July 30, 2020 at 11:59 am
Windermere Powerhouse Group | Posted in Market News, Real Estate Trends | Tagged , , , , , ,

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


Posted on July 14, 2020 at 12:24 pm
Windermere Powerhouse Group | Posted in Events, Market News, Real Estate Trends |

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.

 

 

 

 

 

 

 


Posted on April 29, 2020 at 11:57 am
Windermere Powerhouse Group | Posted in Market News, Real Estate Trends, Uncategorized | Tagged , , , , , ,

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 , , , , , ,

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 , , , , , , , , ,