Real Estate Market Update May 2020
Homes are still selling in record time here in The Treasure Valley and sales prices haven't been affected even with the Stay At Home Idaho orders in March and April 2020. This is most likely due to the low-inventory of existing homes available on the market and the fact that Boise and the surrounding Treasure Valley remain a sought after place to live. With thousands moving to the area each month and rents contininuing to rise many of those moving here from out of state are rushing to get their hands on real estate.
This video update shows the statistics from April 2020 compared to April 2019 in both Ada and Canyon County. An 8% increase in home prices in Ada County and 12% increase in Canyon County. Increase in home prices during a pandemic and entering a recession? Well, one thing to keep in mind is that many of the homes that sold in April were already under contract before Idaho was "locked down". The true affect of the COVID-19 situation and the local economy will show in our real estate numbers this summer.
Analyzing past recessions and the current situation we can expect home prices to stay steady in the upcoming months, but we will start to see delays in homes selling due to stricter financial/mortgage applications, the home showing/viewing process and even how closings at Title Companies are taking place during the pandemic.
We'll post an update every month so stay tuned to the latest in real estate here in Boise right here.
Jennifer Louis, real estate expert and relocation specialist for the Treasure Valley
(208) 509-912 or email@example.com