For the second consecutive month, home sales in Ada County were lower than the same month in 2019, as REALTORS® and consumers heeded Idaho’s stay-home order for any non-essential transactions.
Closed sales were down 29.7% compared to May of 2019, but as this is a backward-looking metric, it primarily reflects buyer activity during March and April when more restrictions around showings and open houses were in place.
However, pending sales, or properties with an accepted offer that should close within 30-60 days, were up 4.7% in May 2020 compared to last year, and up 25.4% compared to April. The 1,957 pending properties, which were almost evenly split between the new construction and existing/resale, will be reflected in the sales data in June and July.
While the Ada County housing market has indeed been impacted by the COVID-19 crisis, we believe the stage is set for a rebound in sales, due to the strong market position at the beginning of the year and continuing buyer demand compared to supply.
The median sales price in May 2020, for new construction and existing/resale combined, was $360,450, up 6.0% year-over-year but down 3.9% from the record high in April of $374,900.
This month-over-month dip was primarily driven by the mix of sales. Previous record highs were the result of new construction making up a large share of closed sales. While still significant in May at 31.8%, the share of new construction sales was down from 35.0% in April, helping to bring down the overall median sales price for the county.
Whenever you’re ready to buy or sell a home, REALTORS® are here to help. Across the valley, brokerages and builders are taking extra precautions to protect clients. Additionally, REALTORS® have access to local, up-to-date market data, and are able to customize it to your unique situation.
ELMORE COUNTY HOUSING MARKET UPDATE
There were 38 Elmore County homes that sold in May 2020, down 19.1% from May 2019, as REALTORS® and consumers heeded Idaho’s stay-home order for any non-essential transactions.
The closed sales in May primarily represent buyer activity during March and April when more restrictions around showings and open houses were in place. However, pending sales, or properties with an accepted offer that should close within 30-60 days, were up 14.9% compared to last year, and up 29.9% from April. These transactions will likely be reflected in the sales data in June and July.
While the Elmore County housing market has been impacted by the COVID-19 crisis, we believe the stage is set for a rebound in sales, due to the strong market position at the beginning of the year and continuing buyer demand compared to supply.
The median sales price in May 2020, for new construction and existing/resale combined, was $203,725, up 18.2% 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 46.4% decrease from May 2019.
GEM COUNTY HOUSING MARKET UPDATE
There were 19 Gem County homes that sold in May 2020, down 51.3% from May 2019, as REALTORS® and consumers heeded Idaho’s stay-home order for any non-essential transactions.
The closed sales in May primarily reflect buyer activity during March and April when more restrictions around showings and open houses were in place. Pending sales, or properties with an accepted offer that should close within 30-60 days, were also down 4.3% compared to last year, although up 9.8% from April. These transactions will likely be reflected in the sales data in June and July.
While the Gem County housing market has indeed been impacted by the COVID-19 crisis, we believe we believe the stage is set for a rebound in sales, due to the strong market position at the beginning of the year and continuing buyer demand compared to supply.
The median sales price in May 2020, for new construction and existing/resale combined, was $258,022, up 20.6% 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 45 homes available for purchase at the end of the month, a 11.8% decrease from May 2019.
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.
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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/.
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.
