Welcome back to our real estate blog! In this post, we'll be digging into the Idaho Falls housing market for September 2023. We'll crunch the numbers, compare September to August, analyze year-over-year home prices, and take a closer look at transactions compared to pre-pandemic levels in 2019.

Market Trends in Focus:

Let's kick things off by taking a deep dive into the key trends shaping the Idaho Falls real estate market. As we transition into the fall and winter months, we're observing a familiar pattern of declining numbers, which is not entirely unexpected.

Total Active Single-Family Listings: Currently at 267, with no significant change from the previous month.

New Listings: A noteworthy 12% decrease compared to August.

Closings: A more substantial 22% decline compared to August.

Pending’s: A 20% drop compared to August.

These figures point to a market that's becoming increasingly competitive, placing both buyers and sellers under added pressure.

Months of Inventory:

Our months of inventory currently hover around 2.2 months based on September data, with a four-month average of 1.9 months. This metric underscores the brisk pace at which properties are being absorbed. In simpler terms, if no new listings hit the market, it would take just 1.9 months to deplete the existing inventory.

Pricing and Time on the Market:

Let's discuss pricing and how long homes are staying on the market:

Average List Price: $462,000

Median Sold Price: $387,000

Days on Market: 49 days, marking an increase of approximately 10 days from the previous month.

Despite minor fluctuations, these numbers exhibit a degree of stability.

Year-Over-Year Home Prices and Transactions:

One noteworthy trend is that our home prices are currently 2% higher compared to the same period last year. However, this aligns with the typical seasonal trend of prices dipping during the fall and winter months.

On the flip side, total transactions from January to October in 2023 compared to the same period in 2019 have declined by a significant 21%. Several factors contribute to this decrease, including the impact of higher interest rates, which have deterred some homeowners from listing their properties.

Spotting Opportunities:

For those on the lookout for excellent real estate deals, particularly in the $500,000 to $800,000 range and within the realm of new construction, there's reason to be optimistic. We've noticed price reductions and a longer time on the market in this bracket, suggesting some promising opportunities for savvy buyers.

As always, if you have questions or need guidance in navigating the Idaho Falls real estate landscape, don't hesitate to reach out. We're here to help you make informed decisions.

Thanks for reading our blog! We hope you found the information helpful and informative. If you want to stay up-to-date with the latest tips and trends in our industry, be sure to sign up for our email newsletter. You'll receive regular updates straight to your inbox, so you can stay informed and ahead of the game. Don't miss out - sign up now! 

 Sign Up For Our Newsletter Here: Sign Up For Our Newsletter Here