Idaho Housing Market: September 2024 Analysis
The Idaho housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price stands at $479,900, reflecting a slight decrease of 0.2% year-over-year (YoY). This decline is mirrored in the Median List Price, which is $500,500, down by 2.1% YoY. These figures suggest a modest cooling in pricing, potentially offering opportunities for buyers.
In terms of Price Per Square Foot, the Median Sales Price remains stable at $258, showing no change YoY. Conversely, the Median List Price per square foot has seen a slight increase of 0.6%, now at $275. This indicates a subtle shift in seller expectations, despite the overall decrease in list prices.
Sales activity has shown positive momentum, with 2,420 Homes Sold, marking a 4.8% increase YoY. Pending Sales have also risen by 7.5%, reaching 2,508. This uptick in sales activity suggests a robust demand in the market, even as New Listings have decreased by 1.1% to 2,414. Inventory levels have slightly decreased by 0.5% YoY, now at 7,565, contributing to a tighter market.
The Months of Supply, a critical indicator of market balance, has dropped significantly by 20.0% YoY to 3.10 months. This reduction indicates a shift towards a seller's market, where demand outpaces supply. However, the Median Days on Market have increased by 7.0% to 44 days, suggesting that while demand is strong, buyers may be taking more time to make purchasing decisions.
The average sale to list ratio has improved slightly by 0.3% YoY, now at 98.1%, indicating that homes are selling closer to their asking prices. However, the percentage of Homes Sold above list price has decreased by 1.3% to 10.9%, reflecting a more cautious buyer approach. Price Drops have increased by 9.3% YoY, now at 40.9%, highlighting sellers' adjustments to align with market conditions.
Finally, the percentage of homes going off the market within two weeks has decreased by 2.1% YoY to 25.1%, suggesting a slight slowdown in the pace at which homes are being snapped up. This could be indicative of buyers exercising more diligence in their purchasing decisions.
Overall, the Idaho housing market in September 2024 is characterized by stable pricing, increased sales activity, and a tightening supply. While some metrics indicate a cooling trend, the overall demand remains strong, suggesting a dynamic market environment.
