November 2023

Image of Benewah County Market Report

Real estate metrics and valuable insights into the trands and current state of the housing market in Benewah County. Whether you are a buyer or a seller, understanding these metrics can greatly aid you in making informed decisions about buying or selling real estate in Benewah County. This article is updated monthly to reflect the current market trands using the previous months data once it is available.

Months Supply of Inventory (Absorption Rate)

First, let's discuss the "Months Supply of Inventory," which currently stands at 6.81. This metric measures the number of months it would take to sell all the available homes on the market if no new listings were added. A lower number indicates a seller's market, where demand outweighs supply, while a higher number suggests a buyer's market, where there are more homes available than active buyers.

Now, let's move on to the "12-Month Change in Months of Inventory," which shows a significant increase of +76.42%. This indicates a notable shift in the market dynamics over the past year. The increase in months of inventory suggests that there are more homes available for sale compared to the previous year, potentially providing buyers with more options to choose from.

Image of Benewah County Real Estate Inventory Supply

Median Days Homes are on the Market

Next, we have the "Median Days Homes are On the Market," currently standing at 48. This metric measures the average number of days it takes for a home to go from listing to being sold. A lower number suggests a faster-paced market, where homes are being snapped up quickly. Conversely, a higher number indicates a slower market, where homes may take longer to find buyers.

List to Sold Price Percentage

Moving on, let's discuss the "List to Sold Price Percentage," which currently stands at an impressive 94.7%. This metric gauges the percentage of the listing price that a home ultimately sells for. A higher percentage suggests that sellers are able to negotiate prices closer to their desired asking price, indicating a strong market where buyers are willing to pay a premium.

Median Sold Price & Median Estimated Property Value

Lastly, we have the "Median Sold Price," which currently stands at $282,500. This metric represents the midpoint of all the home sale prices in the market. It provides a snapshot of the average price at which homes are being sold. Monitoring changes in median sold price can help both buyers and sellers understand the overall price trends in the market.

Image of Sold Listing Data for Benewah County Idaho

Image of the Estimated Property Value for Benewah County Idaho

Summary of the Benewah County Housing Market Trends

In summary, these real estate metrics provide valuable insights into the current market conditions. The Months Supply of Inventory and the 12-Month Change in Months of Inventory demonstrate the balance between supply and demand. The Median Days Homes are On the Market and the List to Sold Price Percentage shed light on the pace of the market and the pricing dynamics.

Finally, the Median Sold Price offers a glimpse into the overall price range within the market. By considering these metrics, buyers and sellers can gain a deeper understanding of the real estate landscape and make informed decisions that align with their goals.

Using a Benewah County Real Estate Agent

These real estate metrics provide valuable insights into the current state of the Benewah County housing market. By examining these real estate metrics, buyers and sellers in Benewah County can gain a comprehensive understanding of the current market conditions.

However, it is important to note that the real estate market in Benewah County can vary greatly by location and time of year, so it is advisable to consult with a local Benewah County Real Estate Agent for accurate and up-to-date information specific to your area or home.

If you would like to know the value of your Benewah County home, give us a call today.