Build Idaho | 2020 BOISE IDAHO REAL ESTATE BLOG
What does Boise Idaho Real Estate look like since the Corona Virus? Main Idaho Real Estate Insights

Lots of interesting developments in the local real estate market. We have been tracking a couple of trends, check it out!

How has the Corona Virus affected Buyers and Sellers in Boise, ID?

March was actually a really good month locally. The thing to keep in mind is that all the properties that closed were put in contract in February or earlier.

Pendings- Properties that went Under Contract

  Ada + Canyon County % Change
Feb 16-22 223  
Feb 23-29 296 +32.74%
Mar 1-7 380 +28.38%
Mar 8-14 450 +18.42%
Mar 15-21 382 -15.11%
Mar 22-28 336 -12.04%
Mar 29 - Apr 4 264 -21.43%

What this chart reveals is that in a time when buying and selling activity normally increases, as you can see in the first 3 weeks, Pendings are declining. How much did activity decrease in the last three weeks? 42%!  That is a dramtatic change.

There are a lot of factors that influence the decline in the number of Pending Contracts.

  • The number of people now unemployed
  • Uncertainty of the future
  • Tightening of Lending Guidelines by almost all banks and brokers

New Trend affected by the Corona Virus

There are new listings coming on but for the first time in years Buyers may be hard to find for the reasons listed above. Real Estate is a dynamic industry and there are many things to consider when buying and selling.  Everyone's situation is different, we are glad to talk in depth about what we are seeing in local real estate trends and our experience in the current market.

Everyone has different reasons for deciding to buy or sell. Some examples of people we have talked to: For one person, they thought now was the time to become an RV'er. Another person is a Vet looking to get into a single level home. Another person is living with their parents and it is time to move out.

We are not seeing dramatic changes in home values, yet. Many believe this will come as we reach the other side of the Pandemic but will Boise become more attractive to our of area buyers?

 
Posted by tlangford at 4/8/2020 7:34:00 PM
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Michelle Penick, Boise Idaho Real Estate Agent

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Michelle Penick

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