November Market Update
There are multiple indicators that the market is cooling down a bit in Kootenai County after the frantic Spring and Summer. The Median Sales Price leveled off once again, settling in at around $515,000 as we enter the winter months, which is normally considered the "off-season".
This is also evidenced by the fact the number of homes for sale plummeted from 333 in October to 236 in November, continuing the downward trend.
The 3-year graph of homes for sale shows a similar trend and even indicates that we haven't quite hit the bottom as far as inventory goes.
That being said, the 3-year trend for length of time homes remain on the market (fourth picture) tells us that houses continue to be sold in shorter and shorter time frames than ever before.
So what does all this mean???
The data indicates to me that as we enter the winter months the inventory will remain low but it appears that the demand is remaining consistent (homes are being sold quickly). This could theoretically pump up the market since there are more buyers than there are homes for sale.
On the flip side, the demand could decrease in the winter months and continue cooling the market as people settle in and prepare to purchase in the Spring.
What are you thoughts on the market??? Share below!!!