Idaho Falls Real Estate Market Update

Idaho Falls Real Estate Video Blog with Shawn Anderson

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Last year at this time, we had a 4.9 month supply of inventory. Five to seven months of inventory is considered a balanced market, and anything under five is considered a seller’s market. So in 2015, we had just crossed the line into a seller’s market, and we have stayed there ever since. Today, there is only a 2.7 month supply of homes on the market, which is a very strong seller’s market. There is a shortage of homes available.

The good news for sellers is that the current list to sales price ratio is 99.6%, meaning sellers are netting almost all of the asking price. Buyer concessions are not calculated into that ratio, but this is still great news if you’re a seller. The market can be a bit challenging if you’re a buyer but there are still some great deals out there. If you work with the right agent, you can still find a property at a good price. Last year, the list to sales price ratio was 98.14%.

Homes are selling faster than they were last year, too. In 2015, the average days on market was 92, and this year, homes are on the market for an average of 75 days. That’s a significant drop.

The average sales price in Bonneville is up from $155,000 in 2015 to $172,000 this year. Those numbers do not reflect the exact amount of appreciation in our market, as the average sales price is pulled up due to the growing number of sold luxury homes. However, we have definitely seen about 7% to 8% appreciation in the last 12 months.

If you’re a buyer, it’s critical to have an agent looking for properties for you every morning. Although it might seem easy to sell in this market, you still need a professional on your side to maximize what you get out of your house.

If you have any questions, give us a call or send us an email. We would be happy to help you!