Page not found – Windermere Powerhouse Group https://windermerepowerhousegroup.com Top Real Estate Agents in Boise and the Treasure Valley Mon, 07 Aug 2023 21:17:12 +0000 en-US hourly 1 Summer’s Not Over Yet! Don’t Miss Out On The Weekly Concerts Around Town https://windermerepowerhousegroup.com/2023/07/21/summers-not-over-yet-dont-miss-out-on-the-weekly-concerts-around-town Fri, 21 Jul 2023 20:40:23 +0000 https://windermerepowerhousegroup.com/?p=5437 There is still plenty of summer left to enjoy! Don’t miss out on the vibrant lineup of live, local and free concert series throughout the Treasure Valley. Soak in the sun, grab a bite and a beverage and enjoy some fantastic music almost every day of the week. Whether you’re a music enthusiast seeking out […]

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There is still plenty of summer left to enjoy! Don’t miss out on the vibrant lineup of live, local and free concert series throughout the Treasure Valley. Soak in the sun, grab a bite and a beverage and enjoy some fantastic music almost every day of the week. Whether you’re a music enthusiast seeking out a new band, looking for a post work happy hour or simply ready to enjoy some family-friendly entertainment, there is concert series for you.

Here’s a roundup of the can’t-miss music events happening in the Boise area this summer.

 

Jump, Jam and Jive, JUMP Boise, 6pm every Tuesday through September 5th

This all-ages, family friendly event feature performances from local nonprofits bringing music opportunities to the community.  An exciting selection of food from local nonprofit Life’s Kitchen and beer and wine are available for purchase.

JUMP JAM & JIVE | JUMP™

 

Alive after 5, Grove Boise, 5 pm on Wednesdays through August 30th

Long time Boise classic! Free summer concert series for all ages outdoors on The Grove Plaza in Downtown Boise

ALIVE AFTER 5 | DOWNTOWN BOISE

 

Music at Big Al’s, 7-10 pm, every Friday and Saturday night through August 26th

Live on the Patio will be rocking Big Al’s in the Village. Sip on your favorite cocktail and dig into great eats with family and friends while enjoying our lineup of amazing local entertainment!

LIVE ON THE PATIO | BIG AL’S

 

Thursday Thunder, Boise Spectrum, 6pm through August 31st

Watch. Taste. Listen. Repeat. Enjoy live music on the patio. Family friendly concerts with raffles and give aways.

THURSDAY THUNDER

 

Tuesdays On the Creek, Indian Creek Plaza in Caldwell, 6-9 pm through September 26th

Live music from local and touring artists and held in conjunction with the Farm to Fork Farmers’ Market. Grab a drink & a bite to eat and dance the night away!

TUESDAY ON THE CREEK

 

Music on the Mountain, Bogus Basin, 2-6 pm every other Saturday through September 2nd

Escape the heat of the valley and enjoy magic of live music in the great outdoors.

MUSIC ON THE MOUNTAIN | BOGUS BASIN

 

Summer Concert Series, Kleiner Park Meridian, 7 pm every other Friday through August 18th

Meridian is bringing the live  lots of great music. 6 exciting bands will perform from the stage of the Kleiner Park Bandshell.

SUMMER CONCERTS AT KLEINER PARK

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Q1 2023 Idaho Real Estate Market Update https://windermerepowerhousegroup.com/2023/05/09/q1-2023-idaho-real-estate-market-update Tue, 09 May 2023 18:19:02 +0000 https://windermerepowerhousegroup.com/?p=5255 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 Real Estate […]

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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 Real Estate agent.

Regional Economic Overview

Year over year, Idaho added 24,900 jobs, representing a solid growth rate of 3%. All of Idaho’s metropolitan areas saw year-over-year nonfarm job gains. Pocatello experienced the greatest increase at 5.5%, followed by Boise (3.7%), Idaho Falls (3.1%), Coeur d’Alene (2.9%), Twin Falls (.4%), and Lewiston (.3%). The state unemployment rate was 2.6%, matching the rate of the first quarter of 2022. The Boise metro area matched the state’s jobless rate of 2.6% and equaled the rate during the same period in 2022. This is rather impressive given that the labor force has grown by over 9,800 persons, or 2.4%. Clearly new jobs are being created at a very solid pace. My current forecast is that employment will rise by 17,000 jobs, which would represent a growth rate of 2 percent.

Idaho Home Sales

❱ In the first quarter of 2023, 4,205 homes sold, which was down 19.5% from the first quarter of 2022 and 2.3% lower than in the fourth quarter of last year.

❱ Although listing activity was significantly higher than the first quarter of 2022, it was down 27% from the fourth quarter of 2022. All counties had fewer homes on the market.

❱ Compared to the same period in 2022, sales fell in all but two markets covered by this report. Compared to the fourth quarter of last year, sales fell in all the Northern Idaho markets, but rose in Canyon, Ada, and Blaine counties in the southern part of the state.

❱ Even with fewer listings, pending sales in the quarter were up 36.9% from the fourth quarter of 2022, suggesting that sales growth may improve in the second quarter of this year.

A bar graph showing the annual change in home sales for various counties in North and South Idaho from Q1 2022 to Q1 2023. All counties have a negative percentage year-over-year change, except Shoshone at 2% and Boise at 4.2%. Here are the remaining numbers: Boundary at -17.1%, Kootenai at -28.2%, Bonner -29.9%, Valley -7.8%, Ada -16.7%, Canyon -16.9%, Gem -21%, Blaine -26.1%, and Payette -46.6%.

Idaho Home Prices

❱ The average home price in the region fell 6% year over year to $576,130. Prices were 5.4% lower than in the fourth quarter of 2022.

❱ Compared to the fourth quarter of 2022, prices only increased in Shoshone County. In the southern part of the state, prices rose in Valley, Payette, Gem, Boise, and Blaine counties.

❱ Both the northern and southern market areas saw counties split, with prices rising in around half while contracting in the other half. Year over year, prices fell 6.4% in the south and 4% in the north.

❱ Median listing prices in the first quarter were up by only .9% over the fourth quarter of last year. Interestingly, listing prices were up more than 10% in the populous Ada County, which many believed would see significant downward price pressure after the rapid growth over the past few years.

Mortgage Rates

 

Rates in the first quarter of 2023 were far less volatile than last year, even with the brief but significant impact of early March’s banking crisis. It appears that buyers are jumping in when rates dip, which was the case in mid-January and again in early February.

Even with the March Consumer Price Index report showing inflation slowing, I still expect the Federal Reserve to raise short-term rates one more time following their May meeting before pausing rate increases. This should be the catalyst that allows mortgage rates to start trending lower at a more consistent pace than we have seen so far this year. My current forecast is that rates will continue to move lower with occasional spikes, and that they will hold below 6% in the second half of this year.

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2023 Economic and Housing Forecast with Matthew Gardner https://windermerepowerhousegroup.com/2023/01/04/2023-economic-and-housing-forecast-with-matthew-gardner Wed, 04 Jan 2023 19:41:28 +0000 https://windermerepowerhousegroup.com/?p=4935 Please join us for the 2023 Economic and Housing Forecast with Matthew Gardner As Chief Economist for Windermere Real Estate, Matthew Gardner analyzes and interprets 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. He will provide insight on […]

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Please join us for the 2023 Economic and Housing Forecast with Matthew Gardner

As Chief Economist for Windermere Real Estate, Matthew Gardner analyzes and interprets 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. He will provide insight on the current economy, housing, and the economic forecast in the Treasure Valley.  

This is a great way to stay informed about the 2023 economy. Matthew Gardner is experienced, knowledgeable and engaging. You don’t want to miss it. If you have any questions, please contact Gretchen Bolton at our office at 208-920-5966 or gbolton@windermere.com. Please extend this invitation to anyone who is interested in learning more about the 2023 economic forecast for Idaho and beyond. 

Tuesday, January 17, 2023 
Breakfast Served:  9:00 am | Speaker and Q&A: 10:00 am-12:00 pm
JUMP – Jack’s Urban Meeting Place – Pioneer Room

REGISTER HERE

If you have any questions, please contact Gretchen Bolton at our office at 208-920-5966 or gbolton@windermere.com. Please extend this invitation to anyone who is interested in learning more about the 2023 economic and housing forecast for Idaho and beyond. 

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Matthew Gardner’s Top 10 Predictions for 2023 https://windermerepowerhousegroup.com/2022/11/15/matthew-gardners-top-10-predictions-for-2023 Wed, 16 Nov 2022 00:09:38 +0000 https://windermerepowerhousegroup.com/?p=4859 This video shows Windermere Chief Economist Matthew Gardner’s Top 10 Predictions for 2023. Each month, he analyzes the most up-to-date U.S. housing data to keep you well-informed about what’s going on in the real estate market. Matthew Gardner’s Top 10 Predictions for 2023 1. There Is No Housing Bubble Mortgage rates rose steeply in 2022 […]

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This video shows Windermere Chief Economist Matthew Gardner’s Top 10 Predictions for 2023. Each month, he analyzes the most up-to-date U.S. housing data to keep you well-informed about what’s going on in the real estate market.


Matthew Gardner’s Top 10 Predictions for 2023

1. There Is No Housing Bubble

Mortgage rates rose steeply in 2022 which, when coupled with the massive run-up in home prices, has some suggesting that we are recreating the housing bubble of 2007. But that could not be further from the truth.

Over the past couple of years, home prices got ahead of themselves due to a perfect storm of massive pandemic-induced demand and historically low mortgage rates. While I expect year-over-year price declines in 2023, I don’t believe there will be a systemic drop in home values. Furthermore, as financing costs start to pull back in 2023, I expect that will allow prices to resume their long-term average pace of growth.

2. Mortgage Rates Will Drop

Mortgage rates started to skyrocket at the start of 2022 as the Federal Reserve announced their intent to address inflation. While the Fed doesn’t control mortgage rates, they can influence them, which we saw with the 30-year rate rising from 3.2% in early 2022 to over 7% by October.

Their efforts so far have yet to significantly reduce inflation, but they have increased the likelihood of a recession in 2023. Therefore, early in the year I expect the Fed to start pulling back from their aggressive policy stance, and this will allow rates to begin slowly stabilizing. Rates will remain above 6% until the fall of 2023 when they should dip into the high 5% range. While this is higher than we have become used to, it’s still more than 2% lower than the historic average.

3. Don’t Expect Inventory to Grow Significantly

Although inventory levels rose in 2022, they are still well below their long-term average. In 2023 I don’t expect a significant increase in the number of homes for sale, continue reading

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Q3 2022 Idaho Real Estate Market Update https://windermerepowerhousegroup.com/2022/11/01/q3-2022-idaho-real-estate-market-update Tue, 01 Nov 2022 20:26:32 +0000 https://windermerepowerhousegroup.com/?p=4741 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 Real Estate […]

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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 Real Estate agent.

Regional Economic Overview

Employment in Idaho continues to grow, but the pace has started to taper. The addition of 22,400 jobs over the past 12 months represents a growth rate of 2.8%. Idaho’s third-quarter unemployment rate was 2.7%, down from 3.5% a year ago. This is higher than the all-time low in May and June of this year, but very impressive all the same. Although jobs are being added at a slower pace, I am not concerned given the current unemployment rate and the growing labor force.

Idaho Home Sales

❱ In the third quarter of 2022, 5,243 homes sold, which was 28.7% lower than a year ago and 18.1% lower than in the second quarter of the year.

❱ Listing activity was up 53% compared to a year ago. The average number of homes on the market was 9.1% higher than in the second quarter of 2022.

❱ Compared to the same period a year ago, sales fell in the northern part of the state and were lower in all areas of Southern Idaho except Valley County. Compared to the second quarter, sales also fell across Northern Idaho, but rose in Valley, Payette, and Boise counties in the southern part of the state.

❱ Pending sales were 19% lower than in the second quarter of this year. With more listings and fewer sales, the market is certainly slowing, much of which can be attributed to rising mortgage rates, which hit a level we have not seen since 2008.


Idaho Home Prices

❱ The average home price in the region rose 4.3% year over year to $625,275 but was down 2.9% compared to the second quarter of the year.

❱ Compared to the second quarter of 2022, prices rose in all Northern Idaho counties except Kootenai, where they were down 1.7%. In the southern part of the state, prices fell across the board.

❱ Prices rose by double digits in Bonner and Boundary counties, while the balance of Northern Idaho counties saw single-digit growth. In the southern part of the state, prices rose in four of the counties, but fell in Boise, Valley, and Blaine counties.

❱ Median listing prices in the second quarter were lower in all southern markets, but higher in all but Bonner County in the northern part of the state.

 

Mortgage Rates

 

This remains an uncertain period for mortgage rates. When the Federal Reserve slowed bond purchases in 2013, investors were accused of having a “taper tantrum,” and we are seeing a similar reaction today. The Fed appears to be content to watch the housing market go through a period of pain as they throw all their tools at reducing inflation.

As a result, mortgage rates are out of sync with treasury yields, which not only continues to push rates much higher, but also creates violent swings in both directions. My current forecast calls for rates to peak in the fourth quarter of this year before starting to slowly pull back. That said, they will remain in the 6% range until the end of 2023.

 

Idaho Days on Market

❱ The average number of days it took to sell a home in the region rose five days compared to the same quarter of 2021 but fell six days compared to the second quarter of 2022.

❱ In Northern Idaho, days on market rose in all counties other than Kootenai compared to a year ago. Market time rose in every county other than Blaine in Southern Idaho.

❱ It took an average of 74 days to sell a home in Northern Idaho, and 37 days in the southern part of the state.

❱ Homes sold the fastest in Ada County in the southern part of the state and in Shoshone County in Northern Idaho.

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.

The third quarter appears to have been an inflection point: the impact of higher mortgage rates and lower affordability have now started to negatively affect home sales and prices. With mortgage rates likely to remain very high compared to recent years, the massive run-up in home values is at an end. Although the market will continue to be negatively impacted as we move through the winter and into the spring, I don’t see it falling in a manner similar to the Great Recession. Owners are sitting on significant equity. Even if prices fall in 2023, which I expect, the decline will be relatively modest.

With a contracting market, I expect that many homeowners who were thinking about selling will decide to stay put and ride out the slowdown. This will mean the number of homes for sale is unlikely to grow significantly from current levels. Given all the data discussed here, I am moving the needle more toward balance, but we are still not in a typical buyer’s market at the present time.

 

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.

 

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Windermere Living Summer Edition https://windermerepowerhousegroup.com/2022/07/11/windermere-living-summer-edition Mon, 11 Jul 2022 21:14:31 +0000 https://windermerepowerhousegroup.com/?p=4667 Windermere Living Summer/Fall Edition Now Available! We are so excited to announce the Summer/Fall issue of Windermere Living is now available online. Please enjoy the beautiful listings throughout our network along with our featured articles including how to take your Taco Tuesday up a notch and more! Check out the full issue and the beautiful […]

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Windermere Living Summer/Fall Edition Now Available!

We are so excited to announce the Summer/Fall issue of Windermere Living is now available online. Please enjoy the beautiful listings throughout our network along with our featured articles including how to take your Taco Tuesday up a notch and more! Check out the full issue and the beautiful featured Idaho homes. If you are interested in receiving printed copies for your home or office, please contact us at powerhousegroup@windermere.com or 208-920-5966.

What is Windermere Living?

Produced, Windermere Living magazine, produced exclusively by Windermere Real Estate, features beautiful homes for sale in neighborhoods throughout the Western U.S. It also offers carefully curated editorial that reflects our passion for community, connection, and inspired living. You need not be in the market for a home to enjoy Windermere Living; you just need an appreciation for real estate and elevated living.

Full Issue Here

 

 

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Q1 2022 Idaho Real Estate Market Update https://windermerepowerhousegroup.com/2022/05/03/q1-2022-idaho-real-estate-market-update Tue, 03 May 2022 20:25:02 +0000 https://windermerepowerhousegroup.com/?p=4621 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 Real Estate […]

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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 Real Estate agent.

Regional Economic Overview

Employment in Idaho rose 3.2% over the past 12 months and the latest data shows the number of jobs is 38,300 higher than the pre-pandemic peak. This is particularly notable as there are only nine other states that have exceeded their pre-Covid employment levels. The state unemployment rate was only 2.7%, down from 3.1% at the end of 2021, and lower than the March 2021 rate of 3.9%. There was a very modest decline in total employment between February and March of this year, but I do not see this as being an issue. The labor force continues to grow, and my current forecast calls for employment to rise 3% in 2022.

Idaho Home Sales

❱ In the first quarter of 2022, 5,183 homes sold, representing an increase of 4.2% compared to a year ago but 24.7% lower than in the fourth quarter of 2021.

❱ Quarter over quarter, sales fell in every county covered by this report.

❱ Sales fell in all the northern counties contained in this report compared to a year ago, but this was offset by rising sales in more than half of the counties in Southern Idaho.

❱ Pending sales were 2.7% lower than in the fourth quarter of 2021, but this is more than likely a function of inventory levels, which were down 28.4% from the last quarter. Supply is still very tight.

Continue Reading

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On the Fence of Whether or Not To Move This Spring? Consider This. https://windermerepowerhousegroup.com/2022/04/26/on-the-fence-of-whether-or-not-to-move-this-spring-consider-this Wed, 27 Apr 2022 00:05:36 +0000 https://windermerepowerhousegroup.com/?p=4597   If you’re thinking of selling your house, it may be because you’ve heard prices are rising, listings are going fast, and sellers are getting multiple offers on their homes. But why are conditions so good for sellers today? And what can you expect when you move? To help answer both of those questions, let’s […]

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If you’re thinking of selling your house, it may be because you’ve heard prices are rising, listings are going fast, and sellers are getting multiple offers on their homes. But why are conditions so good for sellers today? And what can you expect when you move? To help answer both of those questions, let’s turn to the data.

Today, there are far more buyers looking for homes than sellers listing their houses. Here are the maps of the latest buyer and seller traffic from the National Association of Realtors (NAR) to help paint the picture of what this looks like:

Notice how much darker the blues are on the left. This shows buyer traffic is strong today. In contrast, the much lighter blues on the right indicate weak or very weak seller traffic. In a nutshell, the demand for homes is significantly greater than what’s available to purchase.

What That Means for You

You have an incredible advantage when you sell your house under these conditions. Since buyer demand is so high at a time when seller traffic is so low, there’s a good chance buyers will be competing for your house.

According to NAR, in February, the average home sold got 4.8 offers. When buyers have to compete with one another like this, they’ll do everything they can to make their offer stand out. This could play to your favor and mean you’ll see things like waived contingencies, offers over asking price, earnest money deposits, and more. Selling when demand is high and supply is low sets you up for a big win.

If you’re also looking to buy a house, you may be tempted to focus more on just the seller traffic map and wonder if it means you’ll have trouble finding your next home. But remember this: perspective is key. As Danielle Hale, Chief Economist at realtor.com, says:

“The limited number of homes for sale is a lesson in perspective. This same stat that frustrates would-be homebuyers also means that today’s home sellers enjoy more limited competition than last year’s home sellers.”

If you look at the big picture, the opportunity you have as a seller today is unprecedented. Last year was a hot sellers’ market. This year, inventory is even lower, and that means an even bigger opportunity for you. Even though finding your next home in a market with low inventory can be challenging, is that concern worth passing on some of the best conditions sellers have ever seen?

As added peace of mind, remember real estate professionals have been juggling this imbalance of supply and demand for nearly two years, and they know how to help both buyers and sellers find success when they move. A skilled agent can help you capitalize on the great opportunity you have as a seller today and guide you through the buying process until you find the perfect place to call your next home.

Bottom Line

If you’re ready to move, you have an incredible opportunity in front of you today. Trust the experts. Let’s connect so you have expertise on your side that can help you win when you sell and when you buy.

 

Courtesy of Keeping Current Matters

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2022 Economic & Housing Forecast https://windermerepowerhousegroup.com/2022/01/25/2022-economic-housing-forecast Tue, 25 Jan 2022 20:18:58 +0000 https://windermerepowerhousegroup.com/?p=4425 The post 2022 Economic & Housing Forecast appeared first on Windermere Powerhouse Group.

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Q3 2021 Idaho Real Estate Market Update https://windermerepowerhousegroup.com/2021/11/03/q3-2021-idaho-real-estate-market-update Wed, 03 Nov 2021 17:58:56 +0000 https://windermerepowerhousegroup.com/?p=4363 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 Real Estate […]

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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 Real Estate agent.

REGIONAL ECONOMIC OVERVIEW

On top of having recovered all the jobs lost to COVID-19 by the end of 2020—a remarkable feat in itself—the Idaho economy continues to strengthen. Current employment levels are up by 15,400 jobs from the pre-pandemic peak. With the labor market continuing to expand, the unemployment rate was 2.9% in August (the most recent data available). Equally impressive was that the rate dropped even as the labor force grew—no easy task. New COVID-19 cases remain higher than I would like, but this does not appear to have impacted the state’s economy to any significant degree given the robust employment picture. As we move, hopefully, toward a time when the impacts of the pandemic wane further, I see nothing but an upward trajectory for the state’s economy.

IDAHO HOME SALES

❱ In the third quarter, 7,354 existing homes sold, representing a drop of 19.9% from a year ago. However, given that the country was experiencing a massive housing rebound following the outbreak of COVID-19, any comparison with data from 12 months ago is not very informative. More useful is that sales rose 22.1% compared to the second quarter of 2021.

❱ As mentioned, comparing current data to a year ago does not provide an accurate picture, but comparing it with the second quarter data shows sales higher across the board. Sales were up by double digits in every county covered by this report.

❱ Year-over-year sales improved in Shoshone County in Northern Idaho. Sales also rose in Gem County in the southern part of the state.

❱ Pending sales rose 16.5% from the second quarter of 2021, suggesting that closed sales in the final quarter of the year are also likely to show improvement from current levels. This is also supported by the fact that listing inventory has risen almost 36%. I predict more listings will lead to more sales.

A bar graph showing the annual change in home sales in various counties in North and South Idaho during the third quarter of 2021.

IDAHO HOME PRICES

A map showing the real estate market percentage changes in various counties in Idaho during the third quarter of 2021.

❱ The average home price in the region rose 30.9% year over year to $603,066. Prices were also up 8% compared to the second quarter of this year.

❱ Compared to the previous quarter, home prices were up 8.9% in both the northern and southern counties in this report. Sizable gains were seen in Shoshone County (+33.7%) and Bonner County (+22.7%) in the north, and Valley County (+22.6%) and Blaine County (+17.2%) in the south.

❱ Prices rose by double-digits across the board. Sale prices were up 37% in the North Idaho counties covered by this report, and up 27.7% in the southern counties.

❱ With far more buyers than sellers, home prices continue their upward march. As prices are rising at a far faster pace than wages, this cannot continue indefinitely. I expect to see the pace of appreciation start to slow, but probably not until next year.

A bar graph showing the annual change in home sale prices for various counties in North and South Idaho during the third quarter of 2021.

DAYS ON MARKET

❱ It took an average of 72 days to sell a home in Northern Idaho, and 31 days in the southern part of the state.

❱ The average number of days it took to sell a home in the region dropped 23 days compared to the third quarter of 2020 but rose 2 days compared to the second quarter of this year.

❱ In Northern Idaho, days on market dropped in all counties versus a year ago but rose in all counties compared to the second quarter of this year. Market time in Southern Idaho was also lower than a year ago, but it was up from the prior quarter in Valley, Gem, and Blaine counties.

❱ Homes sold the fastest in Ada and Canyon counties in the southern part of the state. Sales were again fastest in Shoshone County in the northern part of the state.

A bar graph showing the average days on market for homes in various counties in North and South Idaho during the third quarter of 2021.

CONCLUSIONS

A speedometer graph indicating a seller's market in Idaho during the third quarter of 2021.

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.

Idaho’s economy appears to be powering forward and job recovery is well ahead of almost every other state. The result is clearly an increasing number of buyers who feel comfortable buying a new home, even given the dramatic price growth of late.

That said, the only factors favoring buyers right now are that there are significantly more homes to choose from and mortgage rates remain very low by historic standards. All other factors support sellers more than buyers. As such, I am moving the needle a little more in their favor, even as affordability concerns continue to rise.

ABOUT MATTHEW GARDNER

Matthew Gardner - Chief Economist for Windermere Real Estate

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.

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