Here is your market update for the month of May 2020 in the Boise area real estate market. Please keep in mind that several of the restrictions placed on our community, as well as real estate professionals, happened on March 25th, 2020. Rebound Idaho began in May of 2020, so this data reflects the height of COVID-19 in Idaho.
ADA COUNTY
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. Overall, 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.
CANYON COUNTY
Canyon County is still seeing a steady rise in home prices as more and more home buyers venture out to towns like Nampa and Caldwell. However, like Ada County, we did experience a decrease in the number of homes sold (-24.9% for existing resale) from this month last year. We believe this is largely due to COVID-19 restrictions. Now that Idaho is in stage 4 of reopening, we believe this number will quickly bounce back.
Catch up on other market updates by reading our blog.
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. Whether you are looking to BUY or SELL, Data Driven Real Estate is here for you.
