Idaho Real Estate Market Insights for July 2024
Idaho Housing Market Analysis - July 2024
The Idaho housing market in July 2024 presents a mixed bag of trends and statistics, reflecting both stability and shifts in various key metrics. This analysis delves into the specifics of these trends, providing a comprehensive overview of the current state of the market.
Median Sales Price
One of the most striking data points is the median sales price, which is reported as $0.00. This figure is clearly an anomaly or a data entry error, as it does not reflect the actual market conditions. However, the year-over-year (YoY) change in the median sales price is reported as 48420000%, indicating a significant increase. This suggests that the housing market has seen substantial appreciation in property values over the past year.
Median List Price
The median list price stands at $538,900.00, with no change YoY. This stability in the list price suggests that sellers' expectations have remained consistent over the past year, despite fluctuations in other market metrics.
Price Per Square Foot
The median price per square foot is $273.00, showing a modest YoY increase of 1%. Similarly, the median list price per square foot is $287.00, with a YoY increase of 3%. These incremental rises indicate a steady appreciation in property values on a per-square-foot basis, reflecting a healthy demand for housing in Idaho.
Homes Sold and Pending Sales
The number of homes sold in July 2024 is 2,643, marking a 12% increase YoY. This uptick in sales volume suggests a robust market with strong buyer activity. However, pending sales have decreased by 2% YoY, totaling 2,659. This slight decline in pending sales could indicate a potential slowdown in future transactions, possibly due to seasonal factors or changing buyer sentiment.
New Listings and Inventory
New listings in July 2024 are reported at 3,005, with no change YoY. This stability in new listings suggests that the supply of homes entering the market has remained consistent. The total inventory of homes available for sale is 7,534, showing a 2% increase YoY. This slight rise in inventory indicates that while new listings have remained stable, the overall supply of homes has grown, potentially providing more options for buyers.
Months of Supply
The months of supply, a key indicator of market balance, is reported at 2.90 months, reflecting a significant 20% decrease YoY. This reduction in supply suggests a tighter market, with fewer homes available relative to the pace of sales. A lower months of supply typically indicates a seller's market, where demand outpaces supply.
Median Days on Market
The median days on market for homes in Idaho is 35 days, showing a 6% increase YoY. This slight rise in the time it takes for homes to sell could indicate a cooling off in the market, where buyers are taking a bit longer to make purchasing decisions.
Sale to List Price Ratio
The average sale to list price ratio is 0.98, with no change YoY. This ratio indicates that, on average, homes are selling for 98% of their list price, suggesting that sellers are achieving close to their asking prices.
Sold Above List Price
The percentage of homes sold above list price is 13%, with no change YoY. This figure indicates that a notable portion of homes are still selling for more than their listed prices, reflecting competitive bidding and strong demand in certain segments of the market.
Price Drops
The percentage of price drops is 41.12%, with no change YoY. This high percentage of price reductions suggests that many sellers are adjusting their expectations to align with market conditions, possibly due to initial overpricing or changing buyer dynamics.
Off Market in Two Weeks
The percentage of homes going off market within two weeks is 31%, showing a 5% decrease YoY. This decline indicates that fewer homes are selling quickly, which could be a sign of a cooling market or increased buyer caution.
In summary, the Idaho housing market in July 2024 exhibits a mix of stability and change across various metrics. While the median sales price data appears to be an outlier, other indicators such as the median list price, price per square foot, and homes sold suggest a generally healthy market. However, the decrease in pending sales and months of supply, along with the increase in median days on market, point to potential shifts in buyer behavior and market dynamics. As always, prospective buyers and sellers should stay informed and consider these trends when making real estate decisions.
