Here is your market report for the Boise area real estate market for the month of March. Please keep in mind that several of the restrictions placed on our community, as well as real estate professionals, happened on March 25th. Therefore, most of this data is a reflection of times prior to the threat of COVID-19.
Although real estate has been deemed an essential business under Idaho’s stay-home order, we’ve sensed a lot of hesitation from clients and prospects. The fear and uncertainty made some sellers pull their listing off the market (or decide to list at a later date). Some buyers also faced hardship as they were laid off or are facing financial hardship, making it difficult to qualify for a home loan. In most cases, a real estate market will begin to feel the effects of stressful times about 60-90 days after the event occurs. Therefore, we will be paying close attention to the April market report. If you’d like weekly updates please follow us on Instagram: @datadriven208
ADA COUNTY
There were 899 home sales in Ada County in March 2020. New construction takes up a large portion of the total inventory, which caused the median sales price to rise to $367,000. This is a 9.6% increase from March of 2019. The increase in sales price is normal when the amount of inventory is mostly new construction as the overall price of a new home tends to be more due to labor costs, land, and material costs.
CANYON COUNTY
The number of homes sold in Canyon County (which includes the towns of Nampa & Caldwell) has increased by 36.6% from this time last year at 515 homes sold in March 2020. New construction sales made of 212 of those homes. We are finding that more and more people are beginning to move to Canyon County as the average home price is much lower than what can be found in Ada County. The median sales price for March was $272,490 – just under 100K less than that of Ada County.
If you’d like to compare these numbers to past months, click here to access January’s market report.
If you are considering making a move to the Treasure Valley, check out our Top 5 Reasons to Move to Boise.
