The KEY to All Your Real Estate Needs |
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I don't know about you, but I'm happy to see 2020 in the rearview mirror. That being said, I was extremely blessed to be able to safely do my job and help people buy and sell homes. And, while things were a little different and I did miss those handshakes and hugs, and sitting in and seeing the smiles of relief at closing meetings, I'm thrilled to have been able to accommodate the needs of my clients!
In this newsletter, I've provided a look back at the 2020 market and a look forward at some predictions for 2021. I would also specifically like to call-out the HEROES of 2020. Those essential workers that were there keeping us safe, healthy and educated. Thank you!
Wishes for a Happy, Healthy and Prosperous 2021 - Stay Safe!
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A Look Back at the 2020 Ada County Market |
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The Impact of COVID-19
In reviewing the 2020 local real estate market, it's important to address the impact of COVID-19. The year started strong with January 2020 sales 21.5% higher than in January 2019 but began to taper off in February and March as the uncertainties of the pandemic made their way to our local market. In April and May, when our spring market typically begins to ramp up, sales activity dropped by 19.5% and 29.7%, respectively, because of the government-mandated shutdowns and restrictions. Sales began to pick up in June, then jumped 22.0% year-over-year in July and remained elevated through November, compressing nearly a year’s worth of activity into just six months.
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ADA County Home Sales
In total, 11,728 homes sold in Ada County in 2020 — 5.2% more than in the previous year. The only other time we saw more sales in one year was in 2005 which had 11,974 sales. This represents existing and new construction combined.
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Home Prices Driven by Supply vs. Demand
A major factor that pushed home prices up was insufficient supply compared to demand, especially for existing inventory. For most of the year, the average Days on Market metric (DOM) for existing homes was at 20 days in 2020, on average, compared to 42 days in 2019. Then in October, DOM dropped to just 13 days — a record low based on data going back to 2004. This meant buyers had to act quickly and write a competitive offer when they found a home.
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Low Mortgage Rates Increase Purchase Power
Historically low interest rates allowed home sales to quickly recover and then outpace 2019 levels. According to Freddie Mac, the 30-year fixed rate mortgage in the U.S. was at 3.11% on average in 2020 — the lowest ever based on data going back to 1971. These low rates increased purchasing power for buyers, allowing them buy despite rising prices, and in some cases, compete in multiple offer situations.
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I LOVE MY JOB!
Here are just some of the awesome people I had the privilege of helping find their new home in 2020.
The process may have been a bit different due to COVID protocols, but we all safely worked together to make it happen!
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Homes for Heroes Treasure Valley Gives Back |
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Nevermore than in 2020, did the nation realize how important our HEROES are to our communities and country. Firefighters/EMS, Healthcare Professionals, Active and Retired Military, Law Enforcement and Teachers/Educational Support Staff - we are grateful for your dedication and service.
The Homes for Heroes, Treasure Valley team couldn't be more proud to give back savings to you as a small token of our appreciation for all you do!
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In 2020 Homes for Heroes, Treasure Valley gave back...
$64,048.03 in savings to 21 HEROES
for an average of $3,050.
Since becoming a Homes for Heroes affiliate in 2013, Homes for Heroes, Treasure Valley has given back...
$317,138.03 in savings to 162 HEROES
30 (18.5%) with more than one closing.
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2020 Circle of Giving...
Last year took an immense toll on our heroes and they continued to show up every day to help make our cities & communities stronger, smarter, and safer. In 2020, Homes for Heroes affiliated real estate and mortgage specialists were able to strengthen over 3,000 communities, giving back $17.9 million in Hero Rewards.
We at Homes for Heroes, Treasure Valley are so proud to be part of this Circle of Giving and give back to those in our community who give so much.
In the year of 2020, Nationally, Homes for Heroes...
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gave back over $17.9 Million in Hero Rewards.
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connected 56,203 People with Homes for Heroes affiliated real estate professionals.
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helped 9,070 Heroes save money when buying, selling or refinancing a home.
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enriched 3,012 Communities with Hero related real estate transactions.
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awarded $145,000 in Foundation Grants.
Join the circle by sharing this email and GIVING your HERO friends and family the gift of BIG SAVINGS on the sale or purchase of a home.
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Location, Location, Location...
It can mean different things to different people!
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Julie Cendejas | Cendejas Group Real Estate, Keller Williams Realty Boise
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