The Sandpoint, ID metro area is experiencing a notable surge in housing prices as of January 2025. The Median Sales Price has reached $646,500, marking a significant year-over-year increase of 22.6%. This sharp rise in prices indicates a strong demand for homes in the area, despite broader economic conditions.

In tandem with the sales price, the Median List Price has also seen an upward trajectory, now standing at $699,900, which is a 7.7% increase from the previous year. The median Price Per Square Foot has risen modestly by 2.2% to $350.14, while the Median List Price per square foot has surged by 35.3% to $427.42. These figures suggest that sellers are optimistic about the market's potential, setting higher price expectations.

The number of Homes Sold in Sandpoint has increased by 16.3% year-over-year, with 50 Homes Sold in January 2025. However, Pending Sales have remained flat, showing no change from the previous year. This stability in Pending Sales, coupled with the increase in Homes Sold, may indicate that while demand is strong, it is being met with an adequate supply of homes.

New Listings have seen a substantial increase of 40.7%, with 83 new homes entering the market. This influx of New Listings has contributed to a 16.5% rise in inventory, now totaling 290 homes. The Months of Supply remain unchanged at 5.8 months, suggesting a balanced market where supply is keeping pace with demand.

The Median Days on Market have increased by 7.0% to 95 days, indicating that homes are taking slightly longer to sell compared to last year. This could be a reflection of the higher price points and increased inventory, giving buyers more options to consider.

The average sale to list ratio remains steady at 96.9%, with no year-over-year change. Meanwhile, the percentage of Homes Sold above list price has increased slightly by 0.7% to 10.0%. This suggests that while some buyers are willing to pay above the asking price, the majority of transactions are occurring at or below list price.

Price Drops have increased by 4.0% to 16.9%, indicating that some sellers are adjusting their expectations in response to market conditions. Additionally, the percentage of homes going off the market within two weeks has risen by 3.4% to 18.6%, suggesting that competitively priced homes are still attracting quick interest from buyers.

Overall, the Sandpoint housing market is characterized by rising prices and increased inventory, with a steady demand that is being met by a growing supply of homes. While the market remains competitive, the increase in New Listings and inventory provides buyers with more options, potentially leading to a more balanced market in the coming months.