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.
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.
- 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.
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 firstname.lastname@example.org.
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.
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.
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.
- 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.
- 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…..
Windermere Powerhouse Group knows how important it is to understand our real estate market and how curious everyone is to know what is going on in our community. So we’re sharing our monthly market snapshot and detailed reports of the Treasure Valley real estate market. Reports are available through the links below and our agents are always available to answer questions and provide information on specific areas you are interested in.
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