BOISE — A press release from Boise Regional Realtors announced that there cannot be a 2020 review without first addressing the impact that COVID-19 had on the real estate market locally.
The year started strong with January 2020 sales 21.5% higher than in January 2019 but began to taper off in February and March as the uncertainties of the pandemic made their way to our local market. In April and May, when our spring market typically begins to ramp up, sales activity dropped by 19.5% and 29.7%, respectively, because of the government-mandated shutdowns and restrictions.
Sales began to pick up in June, then jumped 22.0% year-over-year in July and remained elevated through November, compressing nearly a year’s worth of activity into just six months.
Jeff Wills, Boise Regional Realtors 2021 president, said: “Despite the many challenges to buying and selling homes during the pandemic, home sales were able to continue due to a greater adoption of virtual technology for showings which limited in-person activities, as well as additional steps taken by Realtors to protect clients and properties when meeting in person couldn’t be avoided.”
In total, 11,728 homes sold in Ada County in 2020 — 5.2% more than in the previous year. The only other time we saw more sales in one year was in 2005 which had 11,974 sales. This represents existing and new construction combined.