The KEY to All Your Real Estate Needs |
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The Ada County real estate market is breaking records. In July, the median sales price, closed sales and pending sales all hit record highs. While available inventory hit a record low. Thinking of selling your home - the demand is there. Thinking of buying a home, the current low interest rates give you increased buying power!
As the summer ends and we transition to fall, I look forward every year to the many fall activities in the Treasure Valley. This year many activities have been canceled or modified. Below are a few events still taking place. Make sure you check on their status, as things can change quickly.
This month I was proud that Homes for Heroes Treasure Valley was able to support the Meridian Police Employees Association's School Supplies Drive and donate towards the purchase of school supplies for Meridian students in need. A tough year for many families. In joining our HEROES, we hope we made a positive difference in the back to school experience (whatever that may look like) for some students.
And, finally I've taken off my mask in my newsletter photo. That doesn't mean I'm not wearing it and being safe... just wanted to smile at you.
Stay Well & Stay Safe...
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July Market Report
Here's a look at the July market for Ada County...
- In July, the median sales price for homes sold in Ada County reached $390,000, inventory bottomed out at 743, closed sales hit a high mark at 1,402, and pending sales soared to 2,046. These were all new records since 2004, when Boise Regional Realtors (BRR) started tracking these metrics; the results of the spring and summer markets being compressed into a shorter time frame after COVID-related slowdowns in March and April.
- At $390,000, the median sales price was up 11.7% compared to July 2019, and continues to be driven by the mix of sales. New homes made up 31.1% of all closed sales in July, at a median sales price of $425,000, which was up 9.1% from the same month last year.
- There are a number of variables at play when it comes to home prices, but the bottom line is that buyer demand continues to outpace the supply of homes for sale. The existing homes that are available for purchase are often being listed and are selling at higher prices than what we saw in 2019. Our market has faced low inventory for years now, and the ongoing COVID-19 pandemic and recession have put even more pressure on the supply/demand relationship.
- At the end of July, there was a record low 743 homes available for sale in Ada County, down 56.8% year-over-year. Of those listings, 337 were existing and 406 were new construction.
- As mentioned in previous reports, a rebound was expected in closed and pending sales due to pent up buyer demand even before the pandemic hit, so the July sales numbers are not a surprise. There were 1,402 home sales in Ada County in July, up 22% compared to the year before and the highest number of sales on record since the BRR began tracking the metric in 2004.
- Don’t expect things to slow down just yet: Pending sales hit an all-time high of 2,046 in July, which will be reflected in closed sales data in the coming months. The concept of a “traditional buying or selling season” has been forgotten in 2020.
- As the market continues to change, it's more important than ever for buyers and sellers to seek guidance and expertise - contact me and let me help you with your home buying and selling experience.
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The median sales price for the existing segment rose as well, reaching $380,000 in July, an increase of 15.2% year-over-year. Looking more closely at the mix of sales, we see a drop in the number of homes listed and sold between $200,000-$299,999, and sharp increase in those priced above $500,000, which pushed up the median for the segment and market overall. |
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The Treasure Valley Homes for Heroes Team was honored to donate $1,000 to the Meridian Police Employees Association's School Supply Drive.
We were so happy to be able to support our Law Enforcement Heroes, support our Teacher/Educational Support Heroes, support our Meridian students in need!
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Art NOT in the Park
It's online this year
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SAVE THE DATE
BAM’s Art in the Park Marketplace
September 10 – 18, 2020
The Boise Art Museum announced the all-new BAM Art in the Park Marketplace – an online shopping experience and fundraiser, September 10-18, 2020, to celebrate the 66th anniversary of Art in the Park! Shop to support more than 100 local, regional, and national artists and crafts people and the Boise Art Museum. 75% of your purchases will directly support the artists!
The Art in the Park Marketplace, built from the ground up, will help artists whose livelihoods have been diminished by the cancellation of so many fairs and festivals this season, and will help BAM during these uncertain times. Art in the Park is BAM’s most significant single source of revenue. It sustains BAM’s non-profit operations including exhibitions, collections, and educational programs for the year.
BAM’s Art in the Park has become a cornerstone of Boise’s autumn cultural calendar, which brings the community together to create an unparalleled artistic energy and economic activity in Julia Davis Park. Join them online this year to support and celebrate the fantastic participating artists, as well as the Boise Art Museum.
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August 19th was National Potato Day. Here is some Idaho potato trivia courtesy of the Idaho Potato Commission. |
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This year many of the fall activities and festivals we've come to know and enjoy have been modified or canceled. Here are two that will be back this year. Have fun and please follow recommended safety practices.
LOWE FAMILY FARMSTEAD CORN MAZE AND PUMPKIN FESTIVAL
Corn maze, pumpkin patch, hayrides, food, games, pig races, cow train, and more.
September 18 through October 30
Monday - Thursday 4:00 PM - 9:00 PM ($8.49)
Friday - Saturday 10:00 AM - 10:00 PM ($13.21)
Senior & Military discounts available. 3 and younger free.
2500 S. Eagle Road, Kuna
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LINDER FARMS PUMPKIN PATCH AND CORN MAZE
Boise State corn maze, pumpkin patch, hayrides, food, petting zoo, mechanical bull, and more.
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September 18 through October 30
Monday - Thursday 5:00 PM - 9:00 PM ($4.00 farm only)
Friday 5:00 PM - 10:00 PM ($5.00 farm only)
Saturday 10:00 AM - 10:00 PM ($5.00 farm only)
Corn Maze Add-on: $7 (12 & up) $4 (children 4-11).
Every day half-price discount for military.
Tuesday half-price discount for everyone.
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July 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 July 2020, Nationally, Homes for Heroes...
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gave back over $1,936,556 in Hero Rewards.
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connected 5,380 People with Homes for Heroes affiliated real estate professionals.
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helped 998 Heroes save money when buying, selling or refinancing a home.
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enriched 657 Communities with Hero related real estate transactions.
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awarded Grants to the Grand Stand - MOAA Military Officers Association of America.
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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A little "corny" humor... |
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Julie Cendejas | Cendejas Group Real Estate, Keller Williams Realty Boise
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