Local Real Estate Market Update
Our local real estate market is experiencing the effects of the national real estate market. Recently, I viewed a presentation about the national market presented by Keeping Current Matters. Here are a few slides that were shared in the presentation and some thoughts about the information.
The housing inventory shortage is affecting every state in the nation. The national average is -26.8% less inventory in December 2020 compared to the available inventory in December 2019.
Idaho’s inventory is -55% less in the same time period.
In November 2021, the amount of available inventory would only last 2.1 months if no additional inventory was added to the market. This trend is continuing into 2022.
Most markets slow down during the late fall into the winter months. During November 2020 and November 2021 the number of showings actually increased, signifying an active real estate market.
Not only is there an inventory shortage but there is also an increase in homeowner equity growth. The national average is $56,700 increase in equity growth from 3rd quarter of 2021 compared to the 3rd quarter of 2020. Idaho’s average increase of equity growth during this period is $82,000.
What does this mean for sellers and buyers? It’s a sellers’ market and buyers’ need to be ready when properties become available.
This can vary depending upon properties and your specific needs. Feel free to contact me to discuss your particular situation.