As expected amidst the COVID-19 pandemic and Idaho’s associated stay-home order, Boise housing market activity has been down in comparison to the typical spring hype. There were 761 homes sold in April, which is 19.5% fewer than the same month last year. However, slowed activity did not negatively impact prices. In fact, last month’s overall median price reached a new record high of $374,900. This is up 13.6% from April of last year and up 2.2% from March 2020.
Though this has been an abnormal season, in more ways than one, we anticipate our usual spring real estate boom will simply be delayed to mid-summer. This prediction is based largely on the fact that though we are a small brokerage, we know of several buyers and sellers who are ready to make a move but have put the brakes on their plans until we get further down the road in Idaho’s phased re-opening. We imagine other larger brokerages are seeing the same pattern, which means there may be lots of buyers and sellers flooding the market mid-summer.
At the beginning of the year, Realtor.com’s economist, Javier Vivas, predicted Boise Idaho to be the #1 top housing market positioned for growth in 2020. The pandemic has had little negative impact on the factors affecting demand in our area, and has quite possibly even served to enhance it, as some big city dwellers consider seeking out cities like ours with more elbow room. Since inventory levels have been and are expected to remain well below those of a balanced market, we anticipate high demand and low supply will continued to put upward pressure on prices in the Boise housing market.
We understand the timing of a person’s decision on whether to buy or sell a home depends greatly on their personal circumstances, needs, and desires. If you would like to talk more with a real estate professional about your situation and timing considerations, please give us a call! We would love the opportunity to help inform, encourage, and guide you in making the best decision for YOU!