Here is your market report for the Boise area real estate market for the month of April 2020. Please keep in mind that several of the restrictions placed on our community, as well as real estate professionals, happened on March 25th. Therefore, this data is a reflection of the real estate market during the height of COVID-19 in Idaho.
With the threat of COVID-19, Idaho entered a stay-home order on March 25th, 2020. Real estate dealings were deemed an essential business under Gov. Brad Little’s order, however REALTORS® and real estate agents had to make adjustments to business practices to account for social distancing requirements. This meant no longer hosting traditional open houses for listings and property showings looked a lot different – most happened virtually through video walkthroughs and 3D virtual tours. However, keeping real estate essential during this time ensured that current transactions were able to close, avoiding potential financial hardships for many families.
ADA COUNTY
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. Many agents noted that clients who did not have to buy or sell immediately were able to “press pause” for a bit in order to help limit unnecessary in-person interactions as the stay-home order intended.
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. Such as last month, 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. Note: a balanced market is between 4-6 months of supply.
CANYON COUNTY
The number of homes sold in Canyon County has increased by 6.6% from this time last year at 483 homes sold in April 2020. New construction sales made of 184 of those homes. The median sales price for April was $273,234 which still makes areas like Nampa and Caldwell more affordable for home buyers. The average days on market for homes within Canyon County was 37 days, up 5.7% year-over-year. Despite home prices being on the rise in Canyon County, we did see a drop in the number of available homes – there were just 669 homes available to purchase within the county making for a 24.7% decrease over last year.
Overall, 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. The stay-home order and COVID-19 seem to have had less of an effective on the real estate market in the Treasure Valley than originally throughout, especially compared to the nation-wide concern. Several REALTORS® are comparing the end of March and April to just “an extremely slow month.” However, only time will tell if the market experiences an heightened effects.
Miss last month’s report? Click here to read the market report for March 2020.
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