Market Report | 02/23 — 208 Market Real Estate

January Market Update ✨ What are we seeing across the market?
A few key points:
📍Ada County, there were 359 homes that sold & 422 homes that went pending in February
📍Ada County, we saw the average active sales price increase to $800K and days on market up to 30 on average
📍In Ada county, our market is feeling like spring has arrived ☀️ sold homes have shot up nearly 24% vs last month and our average pending price is up $25k!!

Thinking of selling and curious about what it takes to get your home listed? Reach out to us! It’s never too early in terms of the timeline to start preparing. We are happy to answer all your questions and help you navigate the process so you can sell your home for top dollar! 💰

Demand for housing waned as higher mortgage interest rates and swift home price appreciation put pressure on affordability. Since the housing market continues to be driven by supply versus demand, sellers are having to adjust prices and negotiate with buyers to close the deal.

Market times have slowed as well, and homes that closed last month spent an average of 30 days on the market before going under contract — that's double the average time that homes spent on the market in February 2022.

With the continued downtick in inventory, the months supply of inventory in February sat at 1.2 months, meaning, if no additional homes were listed, the supply of homes would run out in less than six weeks. A "balanced" market is typically six months of supply.