December Market Update
The median sales price increased slightly but still shows a general leveling-off trend over the last few months. Although as you can see from the second picture, the 3-year trend of sales prices has risen dramatically- up from about $260K in 2018 to around $530K now (a 90% increase).
The number of homes for sale continued to plummet in December- consistent with the past 3 years. We should see an increase in inventory once the colder months are over.
An interesting stat that sticks out in December is the number of days that homes remained on the market. This metric increased 16%, which indicates to me that buyers are becoming slightly more picky, even though it is still most definitely a seller's market and has been ever since September of 2015 (final image- anything under 6 months is sellers market, anything above is a buyers market). The demand remains and nice homes are snatched up quickly, but less than desirable homes remain on the market, which pulls the "days on market" metric upwards.
So what does all this mean for you?
If you are SELLING- the market is still hot for certain homes. Buyers will continue to desire the North Idaho region in 2022 but make sure that you have a solid plan to sell quickly (I can help!)
If you are BUYING- the sooner the better. With uncertainty around covid restrictions, midterm elections, school closures, mortgage rates and market fluctuations, buying power will decrease with the passage of time.