Hailey, ID Metro Area Housing Market Analysis - February 2025

Hailey, ID Metro Area Housing Market Analysis - February 2025

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The Hailey, ID metro area housing market in February 2025 presents a complex landscape, characterized by significant shifts in pricing and sales activity. The Median Sales Price has surged to $1,292,500, marking a substantial year-over-year increase of 64.2%. This dramatic rise in sales price suggests a strong demand for homes in the area, despite other indicators showing a more varied picture.

Conversely, the Median List Price has increased by a more modest 11.9% year-over-year, reaching $1,650,000. This disparity between the sales and list price growth rates may indicate that sellers are adjusting their expectations in response to market conditions. The median Price Per Square Foot has remained relatively stable, with a slight increase of 0.3% year-over-year, while the Median List Price per square foot has decreased by 6.0%, suggesting a potential softening in the market's upper price tiers.

Sales activity has experienced a downturn, with the number of Homes Sold decreasing by 21.2% year-over-year to 26 units. However, Pending Sales have shown a slight increase of 2.6%, totaling 39 units, which may indicate a potential rebound in future sales. New Listings have decreased by 6.8% year-over-year, with 55 new properties entering the market, while inventory has increased by 3.3% to 158 units, reflecting a growing supply of available homes.

The Months of Supply have seen a significant increase of 150.0% year-over-year, reaching 6.1 months. This rise suggests a shift towards a more balanced market, where the supply of homes is better aligned with demand. The Median Days on Market have decreased by 31.0% to 44 days, indicating that homes are selling more quickly than they were a year ago.

Despite these changes, the average sale to list ratio remains unchanged at 0.0%, as does the sold above list ratio, suggesting that homes are generally selling at or below their listed prices. Price Drops have decreased slightly by 1.2% year-over-year, affecting 17.1% of listings, while the percentage of homes going off market in two weeks has increased by 7.1% to 30.8%, indicating a quicker turnover for certain properties.

Overall, the Hailey, ID metro area housing market in February 2025 is characterized by rising prices and a mixed sales environment. While the significant increase in Median Sales Price highlights strong demand, the decline in Homes Sold and the increase in Months of Supply suggest a market in transition. Buyers and sellers alike should remain vigilant and adaptable to the evolving conditions in this dynamic market.