There have been a lot of questions on how COVID-19 and Idaho’s stay-home order have affected the Boise housing market. Under the order, which went into effect on March 25th, real estate is considered an essential service. This means buyers and sellers who were in contract on a home prior to the order have been able to proceed to closing, and those who have needed to list or buy a home during the order have been free to do so. Within our brokerage, we have seen very little impact on the market since the order came into place. However, depending on how long the stay-home order needs to remain in place, we may see more long-term effects in the future.
Last month, home sales were up 7.9% compared to March 2019, with new construction continuing to make up a large portion of total sales. The median sales price reached a new high of $367,000, representing a 9.6% increase from the same month last year. Since these market statistics represent March real estate transactions, they mostly include properties that were under contract prior to the statewide stay-home order going into effect. This means these statistics are likely not indicative of where the market stands under the impact of current COVID-19 regulations.
We are thankful the Boise housing market continues to move forward amidst this pandemic. But, regulations, situations, statistics, and personal impacts continue to change daily. This can make it difficult for people to decide if now is the right time to list or buy a home. If you have questions about this, please give us a call. We can’t predict the future, but we would love the opportunity to help you seek better understanding of your financial and housing options based on your own personal and unique circumstances.
If you’re interested, Boise Regional REALTORS® has also provided more information under the Resources for Property Owners and Resources for Renters sections of Boise Regional REALTORS® Coronavirus Response website. Also, look for next month’s Boise housing market report, which will better answer questions of how the statewide stay-home order has impacted real estate activity in the Treasure Valley.