Idaho Housing Market: November 2024 Analysis
The Idaho housing market in November 2024 presents a complex landscape characterized by declining prices and a notable increase in sales activity. The Median Sales Price for homes in Idaho stands at $468,300, reflecting a year-over-year decrease of 4.8%. This decline in sales prices is mirrored by the Median List Price, which is currently $486,500, down by 1.9% from the previous year. Despite these reductions, the market remains active with a significant rise in the number of Homes Sold.
In terms of sales volume, Idaho has experienced a robust increase, with 2,193 Homes Sold, marking a 19.4% rise compared to the same period last year. Pending Sales have also surged by 14.0%, reaching 2,030. This uptick in sales activity suggests a strong demand in the market, even as prices adjust downward. However, the number of New Listings has decreased by 6.9%, with only 1,682 new properties entering the market, contributing to a tightening inventory.
The Inventory of Homes Available for sale has decreased by 10.3% year-over-year, totaling 6,342 units. This reduction in inventory is further emphasized by the Months of Supply, which has dramatically dropped by 100.0%, indicating a highly competitive market environment. Homes are spending a median of 56 days on the market, which is a 9.0% increase from the previous year, suggesting that while demand is high, buyers are taking slightly longer to close deals.
Price metrics reveal a mixed scenario. The median Price Per Square Foot is $263, down by 1.2% year-over-year, while the Median List Price per square foot has increased by 4.5% to $274. This divergence indicates that while sellers are initially listing homes at higher prices per square foot, the final sale prices are not keeping pace, possibly due to increased negotiation or market corrections.
The average sale to list ratio is 97.1%, a slight decrease of 0.6% from last year, indicating that homes are selling slightly below their listed prices. However, the percentage of Homes Sold above list price has increased by 1.7% to 12.3%, suggesting that competitive bidding is still occurring for certain properties. Price Drops have seen a marginal increase of 0.2%, with 27.7% of listings experiencing reductions, reflecting sellers' adjustments to align with market conditions.
Finally, the percentage of homes going off the market within two weeks has decreased by 1.6% to 22.7%, indicating a slight slowdown in the speed of transactions. This could be attributed to buyers exercising more caution or taking additional time to evaluate their options in a shifting market.
Overall, the Idaho housing market in November 2024 is characterized by a decline in prices and inventory, coupled with a significant increase in sales activity. This dynamic suggests a market in transition, with strong demand driving sales despite downward pressure on prices.
