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.

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