The KEY to All Your Real Estate Needs |
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It's hard to compare today's real estate market with that from one year ago. Year-over-year home sales between April 2020 and 2021 dropped 20 percent mainly due to agent and consumer compliance with COVID-19 protocols and restrictions. However, moving past this time period and looking month-over-month, the market continues to break records.
Something else looking much different this year are local activities in the Treasure Valley. One of my favorites are Farmers and Outdoor Markets. Enjoy some fresh air and support our local farmers and crafters. With summer on the horizon, it's time to make sure your home is ready. Get a head start on some summer maintenance tasks. I've got a list to help get you started.
And finally, many of you know my passion for the Homes for Heroes program. I'm so happy to see how it continues to grow nationwide and to be part of that growth. Help spread the word - you could be giving a hero the gift of significant savings on their next real estate transaction.
Stay Safe & Be Well!
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Key Market Takeaways...
- The speed at which Ada County homes went under contract accelerated in April 2021 as the average number of days between when a home was listed for sale and an offer was accepted dropped to a record low of 14 — 36.4% faster than in March 2021. Existing homes had accepted offers within an average of just 10 days — 28.6% faster than last month.
- The fast pace of the market was due to the insufficient supply of homes for sale compared to buyer demand. This imbalance in supply versus demand, as well as the fact that nearly 70% of buyers of existing/resale homes paid more than the list price last month, put upward pressure on home prices. The median sales price in April reached a record $489,000 for existing/resale homes — up 2.8% from March 2021.
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Another factor impacting price was the historically low mortgage rates, which enabled some buyers to purchase at these higher price points, or, allowed them to increase their offers to be more competitive. In April 2021, the 30-year fixed rate was at 3.1%, on average, compared to 3.3% in April 2020 and 4.1% in April 2019.
- New construction home prices also reached a median sales price record of $469,900 in April 2021 — an increase of 1.9% from March 2021. In addition to buyer demand, prices for new homes reflect the ever-increasing cost of materials, especially lumber. Using the most recent data available, through March 2021, the national price of lumber and wood products increased by 28.8% since 2020, and by 30.5% since 2019. These costs are being passed along to homebuyers, and due to the uncertainty in the availability and price of materials, some builders are holding back available inventory until they are closer to delivery so they can price the property based on the actual build cost.
- Some prospective sellers are also holding back existing homes from the market — sometimes due to concerns over COVID-19, but more often so they can find their next home before listing their current one — the extreme lack of existing supply has made new homes less expensive, on average, than existing homes for the past three months. These unprecedented trends of new homes selling for less than existing homes, the willingness of buyers to pay over list price, and the record fast market times illustrate the incredible demand we’ve been experiencing, driven by low rates and insufficient supply.
- One trend we hope to see continue was the uptick in inventory between March and April. The number of homes for sale was up 22.4% month-over-month with 361 homes available at the end of April. Additionally, another 671 homes became available and went under contract during the month, for existing and new construction combined. While the market is moving fast, these figures show that inventory is available.
Last year the April 2020 market report showed a nearly 20% drop in sales year-over-year in Ada County, a figure not seen since 2011. This did not come as a surprise as agents and consumers heeded the statewide stay-home order that was in place at that time. As anticipated, sales rebounded as we moved through the phased re-opening plan.
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Farmers and Outdoor Markets are back! Enjoy the fresh air and the array of local produce and crafted items at these Treasure Valley markets. |
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The Boise Farmers Market
1500 Shoreline Drive
Saturday 9:00 AM - 1:00 PM
Choose your own produce and products from more than 60 farmers, ranchers and producers. Food and beverages are available for purchase that can be eaten in a designated area outside of the market footprint!
Additionally the drive-thru market will continue to be be opened with reduced hours.
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The Capital City Public Market
303 E 34th Street, Garden City
Saturday 9:00 AM - 2:00 PM
The Capital City Public Market’s mission is to create and ensure a vibrant, secure downtown Boise marketplace that promotes community and commerce among our members, city residents and visitors. Learn more at: capitalcitypublicmarket.com
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Heritage Park - 185 E. State Street
Saturday 9:00 AM - 2:00 PM
A handmade market located in the heart of downtown Eagle. An array of arts and crafts along with local produce, herbs and flowers, woodwork, specialty food items, and freshly prepared food. Every Saturday the park comes alive with the melodious sounds of local musicians and community members coming together to support local micro-producers.
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Meridian Main Street Market
Meridian City Hall Plaza
Saturday 9:00 AM - 2:00 PM
The Meridian Main Street Market is the traditional Farmer's Market, but is unique in that it provides opportunities for youth as well. It also gives the public the chance to support local small businesses, farms and entrepreneurs. It is a way to provide healthy, organic food options for our community. Visit their website at: meridianmainstreetmarket.com/home
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Farm to Fork Farmer's Market
Indian Creek Plaza - Downtown Caldwell
Tuesday - 5:00 PM - 9:00 PM
The Caldwell Farm to Fork Farmer's Market is part of Tuesdays on the Creek at Indian Creek Plaza in downtown Caldwell. The Farmer's Market takes place in conjunction with the Summer Concert Series, which runs from 6pm - 8pm.
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Downtown Nampa - Lloyd Square Park
Saturdays 9:00 AM - 1:00 PM
The mission of the Nampa Farmers’ Market is to provide a venue where local farmers, producers, crafters and artisans come together to provide a variety of fresh produce and locally crafted products directly to the consumer. The market encourages direct communication between consumers and producers and promotes nutritious food choices. The goal is to provide support for vendors and enhance the quality of life in the local area by providing a quality community activity which fosters education, entrepreneurship, social gathering, community building and interaction in a friendly, vibrant open air market. Learn more at: nampafarmersmarket.com
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Get a Head Start on These Summer Home Maintenance Tasks...
Summer fun beckons us, but so does the list of To-Dos for your home. Here’s what needs to get done so you can relax and enjoy your summer.
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Clean grill grates. Throughout the summer, keep those cooking grates clean. Using a mixture of water and vinegar, clean with a plastic dish scrubber. Afterward, use a clean paper towel to wipe down with fresh cooking oil.
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Sprinkler maintenance. Your sprinkler system needs monitoring throughout the summer. Watch for any heads that may have been damaged while mowing the lawn. Replace or adjust heads, as needed. Use a moisture detector to bypass the system if there has been a good rain.
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Eliminate standing water. Check for puddles and regularly empty landscape statuary and any toys that fill with water. This will help prevent mosquitoes.
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Inventory first aid kit. Outdoor projects and sports can lead to injuries. Make sure you have a first aid kit well stocked with bandages, antiseptic, cold packs and other necessities.
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Gutter check. Some trees such as live oaks shed leaves in spring rather than fall. Spring storms may strip leaves and small branches from trees. Clean gutters as needed.
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Car emergency kit. Before leaving on a car trip, stock an emergency kit with flashing LED lights (not flares), jumper cables, a set of wrenches and screwdrivers, a quart of oil, a flashlight, a jack, a tire-changing wrench, and first aid supplies.
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Time for an AC inspection. If you haven’t already, it’s time to have your air-conditioning system professionally inspected. A service technician will inspect the air handler, clean the air conditioner condenser coils, inspect the evaporator coil and check the refrigerant level. (Many companies offer an annual package deal that includes the spring check along with a similar fall furnace tune-up.) Depending on where you call home, this chore can be done in April, May or June. Meanwhile, do your part to keep the AC system running smoothly. Change the filters on a regular schedule. Outside, keep bushes cut back from the condenser coils so they can breathe.
List courtesy of Houseopedia.
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Homes for Heroes
Spread the Word...
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Homes for Heroes, Inc. was created shortly after the tragic events of 9/11 as a way to say “Thank you” to those who serve and sacrifice so much. Its mission is to provide extraordinary savings to heroes who provide extraordinary services to our nation and its communities every day.
Looking back at the past two years, Homes for Heroes has continued to grow. As seen below, the amount of savings given back to Heroes has increased by 30 percent.
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Let's keep the trend going... Are you a Hero? Do you know a Hero? Heroes are part of our everyday lives. They include:
- Firefighters / EMS
- Healthcare Professionals
- Military (Active, Reserve & Veterans)
- Law Enforcement
- Teachers
Don't miss out or let friends miss out on well deserved savings!
Spread the word!
Contact Treasure Valley Heroes to learn more
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April 2021 Circle of Giving...
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 April 2021, Nationally, Homes for Heroes...
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gave back $1,609,862 Million in Hero Rewards.
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connected 5,901 People with Homes for Heroes affiliated real estate professionals.
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helped 727 Heroes save money when buying, selling or refinancing a home.
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enriched 534 Communities with Hero related real estate transactions.
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awarded grant money to the Hennepin Healthcare Foundation
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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Julie Cendejas | Cendejas Group Real Estate, Keller Williams Realty Boise
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