Home Sales in Ada County were Slower for the Second Month Due to COVID-19

By Breanna Vanstrom, Chief Executive Officer, Boise Regional REALTORS^®

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.

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.

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.

To view the Treasure Valley Market Report for May, CLICK HERE.