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 us.
In August, the state unemployment rate was 2.9%, marginally higher than the 2.8% rate a year ago. It cannot be disputed that the state remains at full employment. It’s also interesting to note that the employment rate remained below 3% even as the labor force rose by 2.2%, suggesting that the economy remains very strong and new entrants to the labor force are finding jobs relatively easily.
|ANNUAL CHANGE IN HOME SALES Q3-2018 TO Q3-2019
|❱ During the third quarter, 7,342 homes sold, representing a modest drop of 3.4% compared to the third quarter of 2018.
❱ In Northern Idaho, Shoshone County experienced a 17.9% increase in sales over the third quarter of 2018. There was a modest increase in Bonner County and a very slight contraction in Kootenai County. In Southern Idaho, sales jumped in Boise and Canyon counties. Blaine County also saw a slight increase, but sales activity was lower in the rest
❱ Year-over-year sales growth was positive in two Northern Idaho counties and three Southern Idaho counties.
❱ Pending sales rose in the third quarter, suggesting that closed sales in the final quarter of this year are likely to be an improvement over current figures.
|❱ The average home price in the region rose 8% year-over-year to $367,963. Prices were 2.7% higher than in the second quarter of this year.
❱ Prices rose in all counties compared to the third quarter of 2018.
|❱ In Northern Idaho, Shoshone County led the market with the strongest annual price growth. Bonner County also had solid price growth. In Southern Idaho, Gem County saw prices rise a very significant 29.7%, and there were notable increases in Valley, Canyon, and Boise counties.
|❱ Inventory continues to be an issue. The number of homes for sale is down 3.4% compared to the third quarter of 2018. Although listings are up 7% over the second quarter, the market remains very tight, and this is pushing prices higher.
|❱ It took an average of 94 days to sell a home in Northern Idaho, and 54 days in the southern part of the state.
❱ The average number of days it took to sell a home in the region dropped ten days compared to the third quarter of 2018. It was also ten days lower than in the second quarter of this year.
|❱ In Northern Idaho, days-on-market dropped across the board. In Southern Idaho, market time dropped in all counties except Ada and Canyon, though the rise in average market time was very modest.
❱ Homes sold the fastest in Gem, Canyon, and Ada counties.
|The speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors.
Job growth continues to slow from the frenetic pace of the past few years but remains quite impressive. As is commonly known, economic/job growth leads to demand for homeownership and this continues to bode well for the Idaho market; however, home sales continue to be held back by a lack of inventory and this is leading to higher prices.
As such, it remains a sellers’ market so I have moved the needle just a little more in their direction.
ABOUT MATTHEW GARDNER
Governors Council of Economic Advisors; chairs the Board of Trustees at the WA Center for Real Estate Research; 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.
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…..
Inside the walls of any Boise real estate office you will hear the words “growth” and “new” countless times. As one of the fastest growing cities in the country, we see evidence every time we step out our door. But Boise also has a rich history. At Windermere Powerhouse Group we remember that every day we walk into our office in the historic Powerhouse building. In the midst of this exciting growth, we strive to preserve memories and tradition; the foundation of our great city.
“In every community, every county, there are certain buildings, certain neighborhoods, open spaces, which traditionally have had special meaning for local residents and which proclaim to all comers the unique character and heritage of that particular place.” Mavis Bryan, Zoning for Community Preservation
A Historical Neighborhood
The North End is often the neighborhood that is most reminiscent of Boise’s early years. When Windermere Powerhouse Group listed the home at 1111 N. Harrison Blvd, a home on the National Register of Historical Places in Idaho, we were extra curious. We wondered, “If those walls could talk, what would the story be?”
First, we needed to discover what it means to be on the historical register. Among a number of standards, the most fitting for this one of a kind house is the significance it holds with its master craftsmanship, unique characteristics, artistic features and architecture of its era. It began in 1938 with Robert Newhouse submitting a building permit for what would become this iconic Tudor style home. Although unconfirmed, the house was likely designed by Jedd Jones, an architect who regularly socialized with the Newhouse family. Jones would later be responsible for many residential designs found throughout Boise. The steeply pitched asymmetrical gables, double stacked chimney and leaded glass windows are the quintessential architectural features of a Tudor Revival, a style which borrows design elements from English medieval houses.
The Newhouses, a family with deep Idaho roots and active in Boise society, moved in the summer of 1938. Shortly after, the home was featured in the Idaho Statesman. The reporter noted the majority of rooms were painted in various shades of blue to compliment the family’s antique collection. In a true moment of history repeating itself, the current dining room, a favorite of all who visit, is currently painted a beautiful shade of blue. The Idaho Statesman proclaimed it “one of the city’s most charming houses.” And over 80 years later, we couldn’t agree more!
A Historical Workplace
At Windermere Powerhouse Group we often field inquiries about our iconic office building, which is on the National Historical Register. Built in 1913, the building originally housed the Beaver River Power Company, a competitive start-up that produced coal-fired electricity for downtown Boise and the Valley’s trolley system. Over the years, hydroelectricity replaced steam turbines and the building became reclassified as a “non-performing asset.” In 2000, the building was restored and transformed into a venue for weddings, proms and special events. More recently, we were blessed with the opportunity to locate our Windermere Powerhouse Group brokerage within these four walls. Many of our friends and clients previously built fond memories here, and we feel honored to keep that tradition. When you walk through our doors you’ll instantly feel welcome, and see how we embrace our growing city while honoring the past that brought us here.
If you would like a tour of the Windermere Powerhouse Group office, our doors are open. Share a cup of coffee with beans we roast in house and see the beautiful remodel. And, of course, we are always here to help you with all of your real estate needs. 621 S 17th St. Boise, 208-920-5966, firstname.lastname@example.org