From the coronavirus (COVID-19) pandemic to the change in social norms, 2020 brought several unprecedented developments to the forefront. While many of these novel situations caused increased challenges, not all industries had to take up the same gauntlet.
Take the Idaho housing market, for instance. With international travel restrictions abound, the Gem State experienced unparalleled attention to its resort towns. From Tamarack doubling its home sales to Whitetail welcoming several out-of-state buyers, the year brought staggering results to local realtors.
Tamarack Resort Bounced Back After 16 Years
First opened in 2004, Tamarack Resort sought the heights of success that would make it the nation's premier skiing destination. However, the Great Recession in 2008 dampened those plans quite significantly. In the years that followed, the resort still struggled despite its vicinity to spectacular mountains and access to exceptional amenities.
But things started to change for the better after the Tamarack Resort was bought by new management in 2016. The location entered the Idaho real estate market as a viable spot for people eyeing their second or third home. With that being said, it wasn’t until 2020 that Tamarack saw a newfound vigor from homebuyers.
As compared to the sale of 35 homes in 2019, the area saw 74 residential units being sold in 2020. The last reported stats were from November, which means this number may have only increased further. This is further supported by the anecdotes of homebuyers who were slated to take international vacations before the pandemic. However, international travel restrictions encouraged them to buy an Idaho home instead as their safe haven for recreation.
Whitetail Club in McCall is Booming
The homebuyer interest in Whitetail Club also massively contributes to the Idaho housing market. For one, it attracts people from diverse markets such as Arizona, California, and Texas. Additionally, it increases word of mouth marketing in different parts of the country through these homebuyers.
But that’s not the only benefit. Since over 90 percent of buyers go through with cash purchases, it also moves inventory at a faster pace. In turn, this interest from homebuyers with purchasing power adds to the competition of the Gem State’s real estate market.
The Pandemic’s Restrictions Encouraged Many Homebuyers to Finalize Their Decision
The availability of high-speed internet in areas such as Tamarack and McCall also adds to this benefit. Since these properties also offer various options for larger homes, they add significant value for homebuyers without shortage of funds.
With that being said, these benefits go beyond these two resort areas. As a result, they also feed into the demand of nearby territories in Idaho real estate. For instance, the median prices for Ada County and Canyon County homes have been shattering all-time high records. Whereas, areas such as Coeur d’Alene have also attracted buyers from other states.
With these developments, Idaho and its snowy mountains are set to continue on this faster pace into the new year. If you want a home away from home, this might be the right time to look into the Idaho market.
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