How Hot Is the Idaho Falls Housing Market?

Idaho Falls Real Estate Podcast with Mike Hicks

The Idaho Falls real estate market is diverse with both buyers and sellers alike seeking a variety of different properties. As a prospective seller, you can find out the market value of your property with a free home value report right here, or if you're looking to purchase in the Idaho Falls click here for full MLS access. Always feel free to reach out to us for any questions regarding the current market conditions, or the value of your property at 208.227.5320.

Today I’ll be giving you a quick recap of the Idaho Falls real estate market throughout the first three months of the year. Let’s get right into it!

• The number of sold properties is up by 2% year-over-year (326 up to 333)
• The number of pending sales has risen by 21%, but sales have only risen by 2%
• There are currently 313 homes on the market, which is very close to last year’s number
• Inventory continues to decline, and we are 44% lower this year than last year, and a whopping 56% lower than we were two years ago
• At the end of March 2016 we had only 313 properties on the market
• For buyers, it may feel like there is not much to choose from
• In the $350-$400k there are only 13 homes on the market

I’m sure everyone is dying to hear about home values, and we’re seeing some fluctuations right now. At the end of March 2015, our average sale price was $153,900, and in March 2016 it jumped to $171,948. This is a big increase (+12%), but in October of last year our average sale price was $176,300. So, our average selling price has fallen from last year, yet it is still much larger than it was only two years ago. It’s tough to compare home values just by looking month-to-month, so we will be tracking this phenomenon as we move forward. Expect to hear more from us about this!

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Inventory is incredibly low right now.

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I have a lot more information that I can share with you - this is just a preliminary report on how our market is doing. The main story is that inventory is very low, so we need more homes to come onto the market.

If you have any questions - you know who to ask!