The effects of COVID-19 finally hit the Ada County housing market, but the market is resoundingly still alive and getting better. Since the business of real estate sales was declared an essential business, we were able to generate and close property transactions during the need to shelter in place.
Residential closings were down almost 30% from May 2019, clearly an effect of the Coronavirus, but new transactions (pendings) at the end of May were down only 6%, which seems amazing since it was challenging to conduct business for a couple of months.
Supply, not demand, is still our major challenge. Inventory, which has been very low, was down even further with a 6% drop from April. Pending activity for new homes at the end of May was 9% higher than it was at the end of May 2019.There were only 33 days of resale homes on the market at the end of May and only 37 days of new homes that are ready for occupancy.
Sellers, if you are thinking of selling, this would be the time! Builders and developers, what an opportunity to generate more housing starts!
Buyers, prices are rising but rates are low, so it's probably best to act now!