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.
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.
Job growth in Idaho slowed in the fall of 2018 but the state added 13,200 new jobs over the past 12 months, representing an annual growth rate of 1.8%.
In November, the state unemployment rate was 2.6%, down from 3% a year ago. The state remains at full employment, which explains why we are seeing a slowdown in employment growth. I fully anticipate that the state will return to above-average growth in 2019 and continue its trend of adding jobs at well above the national pace.
HOME SALES ACTIVITY
- 5,308 homes were sold during the fourth quarter of 2018, representing a drop of 3% compared to the final quarter of 2017. Continue reading…