The Intermountain MLS has released its Home Sales Reports for Ada and Canyon Counties for April, and as expected COVID-19, did affect home sales more dramatically in the month versus March. Interestingly, activity was still robust in Canyon County, with Ada County seeing a sizable decrease in transactions. These numbers are on-par with what a recent national report by Realtor.com discovered. For-sale listings plummeted nationally in April as a result of the pandemic. For the week that ended on May 2, total listings were down 19% year-over-year, and new listings were down 39%. The economists at Realtor.com believe the weekly declines are slowing as we start to move beyond the current situation.
Let’s dive into the numbers locally.
Ada County saw home sales drop nearly 20% in April by comparison to April of 2019. However, total home sales continue to be up for the county by just over one percent year to date. With a lack of inventory and continued buyer demand, the median home price was up to $374,900, a nearly 14% increase year-over-year. Both residential resales and new construction saw double-digit declines in year-over-year sales for the month. However, both did see double-digit increases in home values.
Housing supply continues to be tight in the Capitol county, with only 1.91 months of supply, keeping the seller’s market we’ve been in for the past few years.
Interestingly, Canyon County wasn’t hit nearly as hard in April as its neighbor to the east. In fact, the county saw a year-over-year increase in home sales by about 6.5%. The median sales price also increased by just over 10% to $273,234. Residential resales continued to be limited and were actually down 10% when compared to April 2019. This was most likely due to sellers being concerned about the Coronavirus. New construction saved Canyon County from experiencing a similar decline as Ada County saw, accounting for a whopping 53% increase in homes sold year-over-year.
Canyon County has just under 1.5 months of housing supply available, which like Ada County, puts it in a seller’s market.
The Last Word
With Idaho soon to enter phase two of its reopening process, area REALTORS® are going to start seeing increases in buyer activity. The problem is that there aren’t a lot of sellers right now, and with demand being so high in the Treasure Valley, prices will continue to push higher. The area is poised to have a competitive market due to the low inventory and seemingly endless demand for housing by in-state and out of state buyers. Builders are doing their part to build as many homes as they can, but they’re limited by the number of skilled workers in the area.
At the end of the day, as Coronavirus restrictions end, homebuying activity will increase. Demand is still going to outpace supply significantly. Hence, as a homebuyer, it’s essential to have a REALTOR® looking for homes for you as well as being ready to go financially when the perfect home is found. And sellers, there’s no time like the present to get top dollar for your home.