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Pandemic continues to impact real estate: prices, homes sold fall in May

Idaho's Biggest Toy Drive

The pandemic continues to impact the Boise Real Estate market. The latest report from the Boise Regional Realtors, showed May home sales in Ada County dropped 29.7% from the same month in 2019.

The median sale price also dipped, falling from the record high set in April.

The Boise market for home sales remains in flux after the pandemic took hold in the area in mid-March. The May report shows a sharper year-over-year drop than the April report.

BRR, the advocacy group for local real estate agents, remains optimistic.

 “While the Ada County housing market has indeed been impacted by the COVID-19 crisis, we believe the stage is set for a rebound in sales, due to the strong market position at the beginning of the year and continuing buyer demand compared to supply,” BRR President Michell Bailey said.

The data

Median sales price over time, courtesy Boise Regional Realtors
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The number of new homes sold in May slumped to the lowest level in the month since 2014. A total of 834 houses sold, down from 1,187 in May of 2019.

The median sales price of $360,450 remains well above the level in May of 2019, but down sharply from that record of $374,900 in April. BRR said the decline in median price came due to a slightly higher percentage of existing homes sold, versus new construction.

Inventory – the number of homes available for sale, remains near historic lows, with 1,239 homes on the market in May.

BRR said pending sales ticked up, 4.7% higher than in May 2020 over May 2019. It also said the number of pending sales increased nearly 26% from April. If the glut of pending homes in Ada County close, it could drive up the sales figures in June and July, according to the real estate agents’ group.

Disclosure: Boise Regional Realtors is a BoiseDev sponsor. The group had no role in the selection or editorial process of this story.

Don Day
Don is the founder and editor of BoiseDev. He is a National Edward R. Murrow Award winner and a Stanford University John S. Knight Fellow.

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