There were 761 home sales in April 2020, down by 19.5% compared to the same month last year. This dip in sales was expected as REALTORS® and consumers heeded Idaho’s stay-home order for any non-essential transactions.
Keeping real estate essential during this time ensured that transactions in progress were able to close, avoiding potential financial hardships for many families. And we’ve heard from many of our REALTOR® members that clients who didn’t have to buy or sell immediately were able to “press pause” for a bit, limiting unnecessary in-person interactions as the order had intended.
We expect sales to rebound over the coming months as the state moves through its phased re-opening plan and people restart the home search or sales process.
Despite April’s dip in sales, the overall median sales price in Ada County reached a new record of $374,900, up 13.6% year-over-year and up 2.2% from March 2020.
As we’ve been reporting, when the share of sales that are new construction increases, the overall median sales price rises, as well. In April, 35.0% of closed sales were for new homes and the segment had a median sales price of $416,287, compared to $345,000 for existing/resale.
With the overall months’ supply of inventory sitting at just 1.7 months, we do not expect any downward pressure on home prices, as home buyer demand continues to outpace supply. A balanced market is between 4-6 months of supply.
While the association reports on county-wide real estate trends, we recognize that there are real people behind each one of these transactions — people with unique situations and personal reasons for buying or selling. No matter what your circumstance, trust a REALTOR® to provide you with personalized service and expert, local knowledge, especially during this time.
ELMORE COUNTY HOUSING MARKET UPDATE
In April, there were 38 home sales in Elmore County, 33 of which were sales of existing/resale homes, and five new construction sales. The 12-month median sales price reached $201,700; an increase of 19.1% compared to the same time last year. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends.
As the share of new construction sales increases, so does the median sales price, as new construction homes typically cost more due to increasing costs of land, labor, and materials. Demand for housing continues to outpace supply in the county, driving up home prices. There were only 52 homes for sale at the end of April, down 42.2% compared to April 2019. While we’ve seen persistently low inventory over the last several years, inventory could also be down due to potential home sellers waiting to list until we’re further along in the state’s re-opening plan.
Another way to look at the supply vs. demand relationship is by using the Months Supply of Inventory (or MSI) metric, which measures pending sales (buyer demand) and inventory (supply). A balanced market— not favoring buyers or sellers — is between 4-6 months. In April, MSI came in at 1.3 months, down 7.1% from the same month last year.
Buyers did not waste time picking up listings in Elmore County — existing/resale homes that closed in April only spent an average of 20 days on the market before going under contract, 31.0% faster than in April 2019. This uptick in activity sets the stage for increased sales in coming months as people restart the home search or sales process as the state continues to open up.
GEM COUNTY HOUSING MARKET UPDATE
There were 28 homes that sold in Gem County in April 2020, down 3.4% from April 2019. This dip in sales was expected as REALTORS® and consumers heeded Idaho’s stay-home order for any non-essential transactions.
This left 40 new and existing/resale homes available for sale at the end of the month, down 38.5% from a year ago. While we’ve seen persistently low inventory over the last several years, inventory could also be down due to potential home sellers waiting to list until we’re further along in the state’s re-opening plan.
The median sales price for homes sold in April reached $250,435, an increase of 17.8% over the same month last year. We use a rolling 12-month median sales price to get a better idea of the overall trends due to the smaller number of transactions that occur in the area.
Buyers did not waste time picking up listings in Gem County — homes that closed in April only spent an average of 24 days on the market before going under contract, 44.2% faster than in April 2019. This uptick in activity sets the stage for increased sales in coming months as people restart the home search or sales process as the state continues to open up.
REPORTS AND GRAPHICS
Additional information about trends within the Boise Region, by price point, by existing and new construction, and by neighborhood, are now available here: Ada County, Elmore County, Gem County, City Statistics, and Condos, Townhouses, and Mobile/Manufactured Homes Market Reports. Each includes an explanation of the metrics and notes on data sources and methodology.
Ada County
Canyon County
Elmore County
Gem County
Condos…
City Statistics
Download the latest (print quality) market snapshot graphics for Ada County, Ada County Existing/Resale, Ada County New Construction, Elmore County, and Gem County. Since Canyon County is not part of BRR’s jurisdiction, we don’t report on Canyon County market trends. Find weekly snapshots at boirealtors.com/weekly-market-snapshots. Members can access Canyon County snapshots and reports in the Market Report email, or login to our Market Statistics page. Since Canyon County is not part of BRR’s jurisdiction, we don’t provide analysis on Canyon County market trends.
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This report is provided by Boise Regional REALTORS® (BRR), a 501(c)(6) trade association, representing real estate professionals throughout the Boise region. Established in 1920, BRR is the largest local REALTOR® association in the state of Idaho, helping members achieve real estate success through ethics, professionalism, and connections. BRR has two wholly-owned subsidiaries, Intermountain MLS (IMLS) and the boirealtors.com/connect/foundation/.
REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.
If you have questions about this report, please contact Cassie Zimmerman, Director of Communications for Boise Regional REALTORS®. If you are a consumer, please contact a REALTOR® to get the most current and accurate information specific to your situation.
The data reported is based primarily on the public statistics provided by the IMLS. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. These statistics are not intended to represent the total number of properties sold in the counties or cities during the specified time period. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance.
