by Matthew Gardner
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.
REGIONAL ECONOMIC OVERVIEW
Along with the rest of the country, the Idaho economy and its employment levels were significantly impacted by COVID-19. Though 83,100 jobs were lost, the recovery continues, with all but 3,400 of the jobs lost having returned. With this recovery in employment, the unemployment rate, which peaked at 11.8% in April, now stands at a respectable 4.8%. Although the direction is very positive, I am continuing to temper my enthusiasm because Idaho saw new COVID-19 cases rise in December. If this continues, the pace of the job recovery may slow.
IDAHO HOME SALES
❱ During the final quarter of 2020, 7,282 homes were sold. This represents a very significant year-over-year increase of 19.4%.
❱ In the southern markets, sales also rose in all counties. Blaine County saw a remarkable increase: the number of transactions there was up 88%. Double-digit growth was seen in all counties other than Payette.
❱ Year-over-year sales growth was positive in all the Northern Idaho counties contained in this report. Boundary County saw significant growth. Overall, the region saw double-digit growth.
❱ Pending sales slowed compared to the third quarter, but I attribute this to seasonality. Listing activity was 50% lower than in the fourth quarter of 2019, which certainly frustrated would-be buyers.
IDAHO HOME PRICES
❱The average home price in the region rose a very significant 29% year-over-year to $496,679.
❱ In Northern Idaho, prices rose significantly in Kootenai County, but all counties saw double-digit gains. Southern Idaho price growth was equally impressive, with Blaine County standing out with an average home sale price over $1.2 million.
❱ Prices rose in all Northern and Southern Idaho counties covered by this report.
❱ As mentioned above, inventory levels remain an issue. As much as I would like to say they will increase early in the spring, I am afraid that may not be the case.
by Sandy Dodge
For the second time ever, Pantone’s Color of the Year is actually two colors: Ultimate Gray and Illuminating Yellow. Ultimate Gray is emblematic of natural elements that stand the test of time, while Illuminating Yellow is a cheerful sunshine yellow, symbolizing energy and clarity.
Here are some ways you can harness this color harmony in your home.
Brighten Your Bedroom
With a foundation of Ultimate Gray, Illuminating yellow will brighten your bedroom, livening up the space and radiating positivity. Mix and match different furniture and accent wall combinations to get the right balance of sunny yellow and solid gray.
Refresh Your Home Office
Home offices have become more important than ever. As working from home continues in 2021, your remote workspace is the perfect location to add in Pantone’s Color of the Year. We all could use some added stimulation to keep our workdays going smoothly and productively. Use Illuminating to add some colorful accents or to paint your wall, balance it out with some Ultimate Gray, and let the positivity fill your home office. A modern home office with a yellow wall.
Accents In Your Living Room
Pantone’s Illuminating is a perfect accent color for your home. Incorporate this energetic sunshine yellow in your living room in the form of decorative throw pillows, blankets, and accent décor pieces like vases and curtains. Ultimate Gray is a perfect color for large furniture items and will help to balance out the tone of your living room. It provides a neutral backdrop, which gives you the freedom to decorate brightly.
Make A Statement With Your Front Door
Your front entrance plays a significant role in the first impressions of your home. What better way to use Pantone’s striking yellow than a front door makeover? Illuminating yellow presents an opportunity to bring a little sunshine to your family and guests every time they approach. Ultimate Gray as both a wall color and an accent color will help to solidify your new, strikingly optimistic front door. Accent pieces like house numbers, your mailbox, and plant pots will help create harmony between the two colors. A yellow front door against a gray wall.
Read more about this year’s color trends and how you can incorporate them into your home here: 2021 Paint Color Trends
2020 is a year like no other we have seen in our lifetime. It presented a unique set of challenges for many and it is not lost on any of us at Windermere Powerhouse Group that our industry is thriving locally. We realized we were given a gift this year. We were reminded of what is truly important… family, friends, health and home. It was an opportunity to appreciate little things we took for granted. Our community is special and we wanted to do all we could to make sure that we were helping others who were in less fortunate circumstances.
Windermere Powerhouse Group staff, agents and their clients got creative in figuring out ways to help. We hosted a Drive Thru Donation day for the Boise Rescue Mission, donated money to The Idaho Foodbank and helped seven families through Faces of Hope have a special Christmas. We all have time, talent or money to donate and strive to live that motto.
We look forward to continuing and doing even more in 2021. We are grateful we have the resources to help others and appreciate the community that serves us. If you are interested in helping any of these local organizations, they are all linked above.
Happy Holidays and Cheers to 2021.
Did you know?
For the past 30 years a portion of every Windermere agent’s commission has been donated to the Windermere Foundation. Having 100% participation gives us a common purpose and sends a powerful message about our commitment to the community. Housing is our business, so helping homeless families is a natural fit. We later expanded that to include low-income families, with an emphasis on helping children.
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.
Over the past few weeks, we have seen countless examples Windermere Powerhouse Group agents embodying what it means to be All In, For You. We love what we do, are finding creative ways to connect during this time of social distancing, we are supporting local businesses, reaching out to friends and family via FaceTime and Zoom. We are adapting so we can continue to help our clients move their lives forward in these uncertain times.
Please join Windermere Real Estate as we fund the Ready, Set, Go…..Backpack Drive. Our goal is providing 500 backpacks, stocked with school supplies, so ALL students get to experience back to school EXCITEMENT! We created a Go Fund Me page and are asking our friends to help. Let’s make the first day of school a GREAT DAY for EVERYONE! Thank you in advance for helping. Be sure to designate Community Schools in the drop down menu of the donation section and put Backpack Drive in the comments.
So how did this partnership begin?
It started back in 1984 when every Windermere closed its offices for one day to help make a positive difference in their local communities. Thirty-five years and more than one million hours of community service later, Windermere offices across the country continue this tradition.
In 2018 we were introduced to the Community Schools and last June the Windermere Powerhouse Group team along with our other local Windermere offices spent the day at Whitney Community Center, a member of the Boise Community Schools. We pulled weeds, cleaned up their garden and create a painted rock landscape to achieve the goal of a clean and bright school welcoming the students back in the fall. It was an amazing day painting rocks with students and getting to know the incredibly generous staff members. We knew we were going to continue working with them throughout the year.
What we learned
Like many of you, we weren’t familiar with the Boise District Community Schools and the services they provide. As real estate professionals, we are familiar with the differences of the current housing market compared to twenty years ago. However, many of us were shocked at the drastically different demographics of the school district over the last 20 years. We met some homeless students in June, happily painting rocks with us, excited that we wanted to help their school. We learned later that 600-800 children are homeless or unaccompanied, meaning they have no parent or guardian. And 49% of students qualify for the free or reduced lunch program.
Boise faces all the challenges of any growing urban area and The Community Schools is a unique program making a difference in addressing those challenges. It’s both a place and a set of partnerships between the school and other community resources. It has an integrated focus on academics, health and social services. Youth and community development as well as family engagement leads to improved student learning, stronger families and healthier communities. They provide resources beyond what we typically think of in school including a food pantry, dental check-ups, coats & boots, weekly English classes, parental education, job seeking and resume services. It is essentially the community so many people are striving to be part of.
The Ready, Set, Go….Backpack Drive is the next urgent need. The goal is ensuring that all students get to go back to school on equal footing with their peers, with a new backpack full of supplies. Windermere real estate decided this is a great opportunity to help and we are encouraging you to help too! Let’s send 500 kids back to school with confidence and excitement to start the new year!
“How’s the market?” is the one question that Windermere Agents get asked most. It is the same question we ask when we meet an agent from another state. It’s a simple question with a very complex answer. 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 created a market snapshot and a detailed report for every area of the Treasure Valley that will be posted monthly here on our Blog. This month we are featuring Ada County Existing Home Sales (i.e., greater than 1 year old). Links for other areas and detailed reports are below.
1. Spring and summer are historically the seasons when market activity increases. More homes are available for sale, and under the current market dynamics, demand immediately follows. Total Year-to-Date (YTD) 2019 transactions are down from 2018, and the shortage of supply is a major contributor. As you’ll see below, overall prices continue to increase yet days-on-market remain at historically low levels. If you are interested in buying or selling your house now is the perfect time to take action.
2. Existing home prices have risen every year since 2011 and have taken a substantial increase in the last several years. Average prices for Ada County existing homes have continued to climb in 2019, currently up 3.6%. Windermere Real Estate’s in-house economist, Matthew Gardner, forecasts 2019 Home Price growth to be 4.5% nationally, 8.9% in Ada County and 8.1% in Canyon County. So it’s actually a safe time to buy or sell a home too. Gardner forecasts the number of Ada County households to increase by 11.1% over five years, while Canyon County by 13.3% growth.
3. Last March, nearly half the existing Ada County homes that sold closed “At” or “Above” the original asking price. However, that trend varies greatly throughout the Treasure Valley. The graphs above show a snapshot of the Ada County averages compared to the North End and Boise Bench. There are numerous factors affecting a home’s price, and it’s evident that overpriced houses cost their sellers 2-3 mortgage payments last month. Specific neighborhoods have their own unique characteristics, and the REALTORS® at Windermere Powerhouse Group each possess the expertise and data to lead your next real estate transaction.
If you’d like more detailed information, have interest in learning more or would like a thorough valuation of your current home, we’d love to hear from you.
Specialized Areas and Construction Types