Market Report | 01/23 — 208 Market Real Estate

January Market Update ✨ What are we seeing across the market?
A few key points:
📍Ada County, there were 284 homes that sold & 392 homes that went pending in January
📍Ada County, we saw the average active sales price increase from December (up $45,000!) and days on market up two days
📍In Ada county, our market is feeling like spring has arrived ☀️ pending homes have shot up nearly 300% vs last month and our average pending price is up $28k!!

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! 💰

Higher mortgage interest rates, combined with the swift home price appreciation in the last several years, have impacted buyers’ purchasing power and ability to afford increased monthly payments.

Market times have slowed as well, and homes that closed last month spent an average of 28 days on the market before going under contract - nearly twice the average time that homes spent on the market in January 2022.

With the continued downtick in inventory, the months supply of inventory in January sat at 1.2 months, meaning, if no additional homes were listed, the supply of homes would run out in about six weeks. A "balanced" market is typically 6 months of supply.