February Market Update
Only a couple points to share this month. First of all, the "Days on Market" metric followed the historical January trend and plummeted to only 48 days. As the second picture illustrates, homes tend to remain on the market for the least amount of time in February and March before we see inventory increase in the Spring.
Price Per Square Foot continued its historical trend upwards and is now sitting at a median price of $320! That is a 25% increase since a year ago when it was at $256/square foot.
So what does this all mean???
DEMAND REMAINS -Both of the above mentioned metrics indicate that buyers continue to flock to North Idaho and are still willing to pay increasingly higher prices for homes.
WAITING DOESN'T PAY -Buyers who waited to buy through the winter months are seeing the same homes cost around 10% more than they did in November.
SPRING INVENTORY -With the warmer weather comes higher inventory, but may also include increased demand as buyers seek to get settled before the Summer.
What are your impressions of the market the last couple months???