According to the Idaho Statesman, despite the effects of the pandemic, home prices in Ada County and Canyon County set a record in April even as volume fell. Ada County, which includes Boise set a new median level at $374,000 as volume dropped 15.4% from March and 19.5% from April 2019. Some experts were expecting worse numbers. “Some people in my industry were thinking sales might drop by 50%,” said Mike Turner, an agent with Amherst Madison Real Estate Advisors. “We haven’t seen anything like that.”
For the month, 761 single-family homes were sold, according to the Intermountain Multiple Listing Service. That compares with 899 in March and 945 in April 2019. Of those sold in April, 495 were existing homes and 266 were newly constructed. It was the fewest homes sold in April since 2014, when 662 homes were sold.
The median price set a record for the third time this year. It eclipsed March’s median of $367,000 and January’s record of $363,000. The number of homes for sale in April, 1,454, was down more than 300 from April 2019. Those that were listed sold, on average, in 33 days, eight days quicker than a year ago.
“Because of the coronavirus, we’re seeing sellers delaying their decision to put their homes on the market, which has created a massive shortage of housing,” Craig Groves, president of John L. Scott Real Estate in Boise, said by phone. “Buyer demand has curtailed a little bit, but not proportionally.”
He said sellers looking to move out of the area for work or other reasons have held off listing their homes because they can’t go out of state to look at places to buy. And corporate relocations have been put off for now.
