Hailey, ID Metro Area Housing Market: November 2024 Analysis
The Hailey, ID metro area housing market in November 2024 presents a complex landscape with significant shifts in pricing and sales dynamics. The Median Sales Price has experienced a substantial decline, dropping by 39.5% year-over-year to $862,000. This sharp decrease indicates a cooling market, potentially influenced by broader economic factors or local market conditions.
Similarly, the median Price Per Square Foot has fallen by 26.2% YoY, now standing at $621.99. This decline suggests a reduction in property value perceptions among buyers, possibly due to increased inventory or changing buyer preferences. The Median List Price, however, shows a relatively stable trend with a slight decrease of 0.4% YoY, currently at $895,000, indicating that sellers are maintaining their pricing expectations despite market pressures.
In terms of sales activity, the number of Homes Sold has decreased by 2.4% YoY, with 40 Homes Sold in November 2024. However, Pending Sales have increased by 10.0% YoY, reaching 33, suggesting a potential uptick in future sales activity. New Listings have decreased by 5.1% YoY to 37, while inventory has increased by 3.2% YoY to 159, indicating a growing supply relative to demand.
The Months of Supply have risen by 20.0% YoY to 4.0 months, reflecting a shift towards a more balanced market, where neither buyers nor sellers have a distinct advantage. The Median Days on Market have increased by 12.0% YoY to 71 days, suggesting that homes are taking longer to sell, which could be a result of the increased inventory or buyer hesitation.
The average sale to list ratio has seen a slight increase of 0.3% YoY, now at 97.4%, indicating that homes are selling closer to their list prices. However, the sold above list ratio has decreased by 2.4% YoY to 0.0%, showing that fewer homes are selling above their asking prices, which aligns with the overall cooling market trend.
Price Drops have increased by 1.6% YoY to 11.9%, suggesting that sellers are adjusting their expectations to align with market conditions. Additionally, the percentage of homes going off the market in two weeks has risen by 6.7% YoY to 33.3%, indicating that while some properties are lingering, others are still attracting quick interest.
Overall, the Hailey, ID metro area housing market in November 2024 is characterized by declining prices and a shift towards a more balanced market. Buyers may find opportunities in the reduced prices, while sellers may need to adjust their strategies to align with the current market dynamics.
