Sandpoint, ID Metro Area Housing Market Analysis - November 2024

The Sandpoint, ID metro area housing market is experiencing a notable shift as of November 2024, characterized by declining prices and increased inventory. The Median Sales Price has decreased to $558,450, marking a significant year-over-year (YoY) decline of 18.1%. This downward trend is mirrored in the Median List Price, which stands at $645,000, down 12.8% YoY. The median Price Per Square Foot has also decreased by 10.3% YoY to $335.96, while the Median List Price per square foot shows a slight increase of 0.3% YoY to $396.84.

Sales activity in the region has slowed, with 58 Homes Sold, representing a 13.4% decrease YoY. Pending Sales have also declined by 7.6% YoY, totaling 61. New Listings have dropped by 13.6% YoY, with 51 new properties entering the market. Despite the decrease in sales and New Listings, inventory has surged by 22.6% YoY, reaching 380 homes. This increase in inventory has contributed to a substantial rise in the Months of Supply, now at 6.6 months, a 200% increase YoY, indicating a shift towards a buyer's market.

The Median Days on Market have increased by 11% YoY, now averaging 82 days, suggesting that homes are taking longer to sell. The average sale to list ratio has improved slightly, up 2.4% YoY to 98.2%, indicating that homes are selling closer to their list prices. The percentage of Homes Sold above list price has also increased by 2.9% YoY, now at 10.3%. However, Price Drops have become more common, with 16.6% of listings experiencing reductions, a slight increase of 0.8% YoY.

Additionally, the percentage of homes going off the market within two weeks has decreased by 5.4% YoY, now at 8.2%, reflecting the slower pace of sales. Overall, the Sandpoint housing market is adjusting to changing conditions, with declining prices and increased inventory suggesting a more favorable environment for buyers.