Year in Review

2020

What a year!

The annual Luxury Property Report covers Ada & Canyon County single family and condo sales over $1,000,000, as well as covering sales in Valley County over $1,000,000 along with featuring a selection of our significant sales.

As you know, Boise & Meridian continue to be on top of several top 10 lists of places to live. The popularity of the Treasure Valley has spread throughout the country and is still increasing. The lifestyle offered is one of the main driving forces for people choosing to move here. 2020 has shown people the importance of outdoor space and activities. People who live in major metro areas that have been on lockdown are seeking the lifestyle offered in here in the Treasure Valley. Boise is a city that has a smaller feel while having most big city amenities that add to the desirability of it and its surrounding cities.

2020 saw an absolute boom of luxury sales in the Treasure Valley. Unit sales in Ada County increased 100% over 2019 and the days on market decreased by 35%. Our prices continue to appreciate and the numbers show that the demand is high for luxury properties. New construction contributed 67 sales for a 21% share of the luxury market. We are in a very strong seller’s market. Will this continue in 2021? Record low interest rates are expected to increase slightly during the year, which will lower the purchasing power of buyers obtaining financing. However, the demand for the lifestyle in the Treasure Valley will continue attract out of state buyers. This demand will help continue the surge in home prices.

As of January 1st, there were 83 homes over $1,000,000 with an accepted offer. The market inventory was at 1.4 months as of January 1st, indicating a strong seller’s market. A balanced market is considered 4-6 months of inventory. There are no price points within the Treasure Valley that have a balanced market.

We send our continued gratitude to our extraordinary clients, friends, and colleagues who entrusted us in 2020 to guide them through the sale of over $34,000,000 in real estate transactions. The global audience of affluent buyers through the Sotheby’s International Realty brand are instrumental to our continued growth.

We wish you and your family a safe, healthy and successful 2021. Hopefully, we will be able to get together soon and enjoy each others company over a meal or local beverage. If you have any questions about this report or would like a tailored assessment of your property, please don’t hesitate to reach out.

Data provided by Intermountain & Mountain Central MLS's