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March real estate data for Ada Co. released: It’s too early to see impact of COVID-19

Tamarack: Thrill, Grill, Chill
COVID-19 Idaho

Is now a good time to buy or sell your house?

The short answer? It’s too soon to tell.

The Boise Regional Realtors, the trade group that represents local real estate agents, released its March data. Spoiler alert: Don’t read too much into it.

In Ada County, a total of 899 homes sold in March. That’s up 7.9% from March of last year.

[Idaho unemployment claims now up 7,400%]

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The median sales price hit $367,000 – up 9.6% from March of 2019. The number continues to rise due to new construction, which makes up a significant portion of sales activity, according to BRR. Inventory continues to remain low, but popped up in March to 652 resale listings. That rose 10.1% from the previous year. When you add in new homes, there are 1,390 houses for sale in Ada County.

The group noted the sales numbers for March can’t provide a pulse on the market in the wake of the COVID-19 pandemic. BRR said 70% of homes that closed in March went under contract before the statewide stay at home order

“While the local real estate market has not come to a full stop as some had feared, now more than ever, it is important for consumers to understand their financial and housing options based their own personal and unique circumstances,” BRR President Michelle Bailey said.

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