The KEY to All Your Real Estate Needs |
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Spring is on the horizon with it's longer/warmer days, and pops of color emerging from ground. Spring is also historically the time we start seeing the real estate market ramp up with more interest in buying and selling. I'm looking forward to a very different spring this year; different from the unknown and isolation of last year.
This month I was honored to receive Boise Regional Realtors Unsung Hero Award. I was caught off-guard and speechless. Much thanks - it is truly humbling to be recognized for something I truly love. The real winners are the heroes who give so much to our communities and country - I'm honored to be part of Homes for Heroes.
Stay Safe & Be Well!
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February 2021 Market Report |
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Key Market Takeaways...
Builders and prospective home sellers have been unable to keep up with the persistent demand from homebuyers, stemming from general population growth, Millennials “aging into” the traditional homeownership years, in-migration due to our comparative affordability, and now, the ability for many to work from anywhere.These reasons, coupled with historically low mortgage rates, have resulted in buyer demand outpacing supply for years, which has been driving the growth in home prices and increasing the speed of the market.
- In February 2021, the median sales price in Ada County was $452,400 — up 25.5% year-over-year — and the average days on market metric was 19 days — down 62.0% year-over-year. In Canyon County the median sales price was $369,000, up 39.2% year-over-year — and the average days on market metric was 15 days — down 71.7% year-over-year.
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Rising home prices are good news for prospective sellers, allowing them to utilize any equity gained to help with the purchase of their next home or a variety of other opportunities. According to a recent Homeowner Equity Insights report from CoreLogic, Idaho ranked second among all states in which homeowners gained the most equity between 2019 and 2020, $48,500 on average year-over-year.
- Despite the equity sellers may bring to their next purchase, the tight supply of inventory has made some hesitate to put their current home up for sale until they find their next one.
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At the end of February 2021, there were just 168 existing homes for sale — 51.2% less than in February 2020. However, there were 65 more homes for sale at the end of February than in January, an increase of 63.1% month-over-month, which we hope is an early indicator of more inventory coming online as the weather warms up.
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A Fast Competitive Market...
- Looking at weekly activity through the second week of March, new listings were nearly even with 2020 and just below 2019. This is a trend BRR will continue to monitor, keeping in mind any year-over-year comparisons to April 2020 will be skewed due to COVID-19 restrictions.
- For those shopping in the new construction segment, there were just 135 homes for sale at the end of February — 80.6% less than the same month last year, and a month-over-month decrease of 18.7%. However, some builders that they are selling properties yet-to-be built, meaning more new homes are available than indicated in the inventory counts.
- This tight supply has contributed to the fast, competitive market with homes receiving accepted offers quickly after being listed. Looking at just the existing/resale segment, in February, homes were on the market for just 10 days on average, compared to 32 days last year — a decrease of 68.8% and the fastest we have on record.
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Surprised is an understatement when I heard Immediate Past President, Michelle Bailey say my name!
I was, and am so honored and humbled to receive the Unsung Hero award at the 2021 Annual Boise Regional Realtors Awards & Gala (COVID style). What an honor to be part of the Circle of Excellence with these awesome agents!
I love what I do and am so blessed to do it! I'm grateful to be part of the Homes for Heroes program and give back to those heroes who give back so much to our community and country.
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Is Your Bike Ready to Ride? |
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With the arrival of spring, now is the time to make sure your bike is ready to ride. Eliminate the hassle of transporting your bike for its tune-up or repair with Dirt Dart Mobile Bike Service - the shop that comes to you!
Dirt Dart Mobile Bike Services offers on-site repair and sales, including:
- Repair of damages bikes
- Bike assembly (including electric bikes)
- Bike tune-ups and upgrades
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or contact them at 208-895-8000.
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Healthcare Hero Cheryl...
Congratulations to Cheryl and her family on their new Kuna home. Cheryl is a nurse who moved with her family from New Mexico to the Treasure Valley after accepting the position of Clinical Nurse Educator with St. Luke's Health System.
With the Homes for Heroes program Cheryl was able to save $3,736 on the purchase of their new home. Thanks to Cheryl and all healthcare heroes for all they give to our communities - especially during these times of COVID-19. It is my privilege to be able to give back to you!
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February 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 February, 2021, Nationally, Homes for Heroes...
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gave back $1,055,687 Million in Hero Rewards.
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connected 4,733 People with Homes for Heroes affiliated real estate professionals.
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helped 520 Heroes save money when buying, selling or refinancing a home.
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enriched 389 Communities with Hero related real estate transactions.
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awarded grant money to The NineLine Veteran Service
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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Let's hope our fur babies are spending more time watching Netflix than we are this year! |
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Julie Cendejas | Cendejas Group Real Estate, Keller Williams Realty Boise
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