Idaho Economic Market 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 our office.

 

ECONOMIC OVERVIEW

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.

 

HOME SALES

  • 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.

 

HOME PRICES

  • 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…..

 

    

Posted on August 14, 2019 at 3:48 pm
Windermere Powerhouse Group | Category: Market News, Real Estate Trends | Tagged , , , , , , , ,

June 2019 Treasure Valley Market Statistics

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.

 

Ada Existing Homes June 2019

Ada New Construction 2019

Canyon Existing Homes June 2019

Canyon New Construction June 2019

 

Posted on July 5, 2019 at 2:25 pm
Windermere Powerhouse Group | Category: Market News, Real Estate Trends | Tagged , , ,

Economic Update for Idaho Real Estate Market

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 

Job growth in Idaho continues to moderate. The state added 19,400 new jobs over the past 12 months, representing an annual growth rate of 2.7%. That said,  the growth rate remains well above the national average of 1.7%. In March, Idaho’s unemployment rate was 2.9%, matching the level seen a year ago. The state remains at full employment, and it’s worth noting that the employment rate remained below 3% even as the labor force rose by 2%. This suggests the economy remains very strong as there are still job openings to accommodate new workers. Idaho continues to outperform the nation in terms of economic vitality and will continue to do so for the balance of the year.

HOME SALES

  • 4,440 homes were sold during the first quarter of 2019, representing a drop of 4.3% compared to the first quarter of 2018.
  • In Northern Idaho, Shoshone County was alone in experiencing sales growth, with an increase of 12% over the first quarter of 2018. There was a substantial drop of more than 15% in Bonner County, but this is a small area, making it prone to significant swings. In Southern Idaho, we saw modest sales growth in Payette County, modest declines in Canyon and Ada counties, and significantly lower sales in the small area of Boise County.
  • Year-over-year sales growth was positive in just one Northern Idaho market, and only one of the Southern Idaho markets saw sales rise relative to the same period a year ago.
  • When compared to the first quarter of 2018, the number of homes for sale was lower across the board in Northern Idaho and in most Southern Idaho market areas. It’s likely that this contributed to the decline in sales.

Continue Reading

    

Posted on May 21, 2019 at 11:30 am
Windermere Powerhouse Group | Category: Market News, Real Estate Trends | Tagged , , , ,