June 2020 Market Report

Data from Boise Regional REALTORS® (BRR) and the Intermountain MLS (IMLS) as of 7/15/2020. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance.

 

Key Takeaways:

  • Following two consecutive months of year-over-year declines, home sales in Ada County were up 3.4% in June 2020 compared to June of 2019. Pending sales, or properties with an accepted offer that should close within 30-60 days, were also up 17.0% year-over-year. This rebound in closed and pending sales was due to pent up buyer demand and the fact that our market was strong before the pandemic hit our region.
  • Home prices also increased in June with the overall median sales price reaching a new high at $375,000. This was 6.3% higher than in June of 2019. Prices continue to be driven by a lack of existing supply compared to demand, and more than one-third of all home sales represented by new construction.
  • In June 2020, the overall months’ supply of inventory was at just 1.0 months — the lowest number we’ve seen since tracking began in January 2016.

Have questions? Contact ESCO Real Estate by phone at 208.724.4649 or email.