Economic & Housing Forecast presented by Matthew Gardner
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.
Idaho 2019 3rd Quarter Real Estate Economic 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 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.
|HOME SALES||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.
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.
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…..
Welcome Bonnie Burry
Windermere Powerhouse Group is proud to announce Bonnie Burry has accepted the position of Designated Broker. Bonnie brings a wealth of knowledge and a spirit of adventure and generosity to our brokerage. She shares our vision and passion of relationships before sales, strategic growth and impeccable service and ethical industry standards. Bonnie is a Certified Residential Specialist, earned her Associate Broker designation nearly three decades ago and is a long-time member of the Top Producers club. She has mentored countless agents, served in leadership roles and is excited to take on the challenge of Designated Broker at Windermere Powerhouse Group, a flourishing new brokerage in Boise. And Windermere Powerhouse Group is excited to have Bonnie leading the team.
Get to Know Bonnie
Bonnie’s love for homes and the Idaho hills began as a small child growing up on a fruit ranch in Emmett, Idaho. She followed her father around while he built the home she grew up in. There she developed building skills, a love for design, and the integrity instilled by an Idaho rancher.
A career in the industry was by default. She was on her way to obtaining a masters degree in education when she realized her true passion is real estate. And the rest is history. That side track has turned into a 35 year love affair with real estate. Loving the process of helping her clients get the best service possible is her heart’s joy.
She proudly served on the Historic Preservation Commission, helping to the maintain Historic integrity of Boise’s North end. Her love for construction was obvious in her many restoration projects. As a licensed contractor, she saved over 25 homes from decline and gave them new life. This became her signature style!
See our Office
We invite you to come by our office and take a tour, meet (or reconnect with) Bonnie, and learn more about Windermere Powerhouse Group. Please join us in welcoming our new Designate Broker Bonnie Burry at firstname.lastname@example.org or 208-371-7144.
Check out Designated Broker Bonnie Burry’s full bio here or visit our office at 621 S 17th Street, Boise, ID 83702. Keep up with Boise’s real estate market trends and follow us on Facebook.
Ready, Set, Go….Backpack Drive!
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.
Ready, Set, Go…..Backpack Drive Donate Here!
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!
If these walls could talk…..
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!
Complete listing details of 1111 N Harrison Blvd.
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, email@example.com
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.
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.
- 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.
Top 5 tips for success!
Are you the waterboy or the quarterback?
Do you feel like you are working for everyone but yourself? Here are 5 top tips for success:
- Write down your dreams and goals. Be specific and develop a plan to reach them.
Do you get one-on-one coaching with your Broker to guide your career development and help you achieve those goals? We help you development a plan that is ready to execute, yet nimble enough to shift as the market changes with regular updates.
- Take action. Goals are nothing without action. Get started today.
We offer annual business planning, sales and marketing coaching and planning, and create a budget with you that includes a plan to execute. We have integrated software tools to help you track your efforts and create your marketing materials. You have an entire team to guide and support you every step of the way as you climb the ladder to success.
- Be honest, dependable, and take responsibility, otherwise none of these will matter.
We offer group resources and support to help keep you on track and accountable – benefits of being a part of group without having to be on a team. Our agents are able to have focused careers, yet lead balanced lives.
- How you think is everything. Think success, not failure, as your life tends to go wherever the focus leads.
Gain the mental discipline, focus, lead-generation techniques, and relationship-building skills that are designed to get the best results. Through individualized meetings, complimentary classes, and our proprietary systems, we help you grow your business.
- Don’t be afraid to innovate and be different. Following the herd is a fast track to mediocrity.
If you are feeling like just another number, you probably are. From the moment you walk through our doors, you will see and feel the difference in our way of thinking. We offer tools and resources to keep you on the cutting edge of the industry.
If you are feeling stuck at your current brokerage, let’s talk! We have an amazing culture of collaboration where you will be surrounded by a positive environment that fosters a sense of community and success, as well as a space you can be proud to bring clients. Click here to schedule an office tour today!