Following two consecutive months of year-over-year declines, home sales in Ada County were up 3.4% in June 2020 compared to June of 2019. Pending sales, or properties with an accepted offer that should close within 30-60 days, were also up 17.0% year-over-year.
This rebound in closed and pending sales was due to pent up buyer demand and the fact that our market was strong before the pandemic hit our region. While our local housing market may continue to be impacted by the ongoing COVID-19 crisis on some level or another, this uptick in sales and homes under contract is a good sign.
Home prices also increased in June with the overall median sales price reaching a new high at $375,000. This was 6.3% higher than in June of 2019, and less than a percent higher than the previous high from April 2020 of $374,900. Prices continue to be driven by a lack of existing supply compared to demand, and more than one-third of all home sales represented by new construction.
One way to measure the supply vs. demand relationship is by using the Months Supply of Inventory metric (or MSI), which compares the number of sales (buyer demand) to available inventory (supply). A balanced market — not favoring buyers or sellers — is between 4-6 months. In June 2020, the overall months’ supply of inventory was at just 1.0 months — the lowest number we’ve seen since January 2016 when we began tracking MSI. Inventory is constricted even further in the existing/resale segment with only 0.6 months’ supply in June.
Inventory is needed across the board, but demand is especially high for existing homes. If you’re considering selling but want to limit interactions with the public, talk to your REALTOR® about virtual tours, tactics to minimize foot traffic, personal protective equipment, and other ways to keep yourself and others safe.
We’ll be taking an in-depth look at these trends and additional data for Ada County in our forthcoming mid-year market report which will be released on Friday, July 24, 2020 as part of the Ada County Housing Summit. Register at boirealtors.com/2020-housing-summits.
ELMORE COUNTY HOUSING MARKET UPDATE
Home sales picked up in Elmore County with 66 properties closing in June of 2020, the highest number on record and an increase of 29.4% compared to the year before. This uptick followed a sales slump in May as REALTORS® and consumers heeded Idaho’s stay-home order for any non-essential transactions.
This rebound in closed sales was due to pent up buyer demand and the fact that our market was strong before the pandemic hit our region.
Home prices also increased in June with the overall median sales price reaching $204,472, an increase of 16.9% compared to June 2019. 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. Prices continue to be driven by historically low inventory and persistent demand.
One way to measure the supply vs. demand relationship is by using the Months Supply of Inventory metric (or MSI), which compares sales (buyer demand) to inventory (supply). A balanced market — not favoring buyers or sellers — is between 4-6 months. In June 2020, the overall months’ supply of inventory was at just 0.5 months — the lowest number we’ve seen since January 2016 when we began tracking MSI.
Inventory is needed across the board, but demand is especially high for existing homes. If you’re considering selling but want to limit interactions with the public, talk to your REALTOR® about virtual tours, tactics to minimize foot traffic, personal protective gear, and other ways to keep yourself and others safe.
We’ll be taking an in-depth look at these trends and additional data for Elmore County in our forthcoming mid-year market report which will be released on Monday, July 20, 2020 as part of the Elmore County Housing Summit. Register at boirealtors.com/2020-housing-summits.
GEM COUNTY HOUSING MARKET UPDATE
Home sales picked up in Gem County with 32 properties closing in June of 2020, an increase of 88.2% compared to the year before and 68.4% increase over May 2020 as REALTORS® and consumers heeded Idaho’s stay-home order for any non-essential transactions.
This rebound in closed sales was due to pent up buyer demand and the fact that our market was strong before the pandemic hit our region.
The median sales price in June 2020, for new construction and existing/resale combined, was $262,937, up 18.3% from the year before. 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. Prices continue to be driven by historically low inventory and persistent demand. Inventory levels were down year-over-year again, with 37 homes available for purchase at the end of the month, a 27.5% decrease from June 2019.
One way to measure the supply vs. demand relationship is by using the Months Supply of Inventory metric (or MSI) metric, which measures compares pending sales (buyer demand) to and inventory (supply). A balanced market — not favoring buyers or sellers — is between 4-6 months. In June 2020, the overall months’ supply of inventory was at 1.4 months.
Inventory is needed across the board, but demand is especially high for existing homes. If you’re considering selling but want to limit interactions with the public, talk to your REALTOR® about virtual tours, tactics to minimize foot traffic, personal protective gear, and other ways to keep yourself and others safe.
We’ll be taking an in-depth look at these trends and additional data for Gem County in our forthcoming mid-year market report which will be released on Wednesday, July 22, 2020 as part of the Gem County Housing Summit. Register at boirealtors.com/2020-housing-summits.
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. Members can access Canyon County snapshots and reports as well as weekly snapshots 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.
MEDIA COVERAGE
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Boise Regional REALTORS® has a variety of resources about mortgage assistance, unemployment assistance, how to avoid scams, and more, under the Resources for Property Owners and Resources for Renters sections of BRR’s Coronavirus Response website.
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/.
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.
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.
