November 2023

Image of Bonner County Market Report

Real estate metrics and valuable insights into the current state of the housing market in Bonner 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 Bonner County. This article is updated monthly to reflect the current market using the previous months data once it is available.

Months Supply of Inventory (Absorption Rate)

Let's start by looking at the "Months Supply of Inventory," which currently stands at 5.05. This metric represents the number of months it would take to sell all the homes currently on the market, given the current sales pace. A lower number indicates a seller's market, where demand exceeds supply, leading to potentially higher prices and quicker sales.

Now, let's consider the "12-Month Change in Months of Inventory," which shows a positive change of 15.03%. This indicates that there has been an increase in the number of months it would take to sell all the homes. While this might suggest a shift towards a buyer's market, it's essential to analyze other metrics to get a comprehensive understanding of the market dynamics.

Image of Bonner County Real Estate Inventory Supply

Median Days Homes are on the Market

Another crucial metric to consider is the "Median Days Homes are On the Market," which currently stands at 70. This metric represents the average number of days it takes for a property to sell. A lower number here suggests a faster-paced market, where homes are selling relatively quickly. However, it's worth noting that this number can vary depending on the property's location, condition, and price range.

List to Sold Price Percentage

Moving on, let's discuss the "List to Sold Price Percentage," which is currently at 95.3%. This metric measures the percentage of the original listing price that a property ultimately sells for. A higher percentage indicates that sellers are receiving offers close to their asking price, which could be a positive sign for sellers. However, it's crucial to consider other factors such as market conditions and property-specific attributes when interpreting this metric.

Median Sold Price & Median Estimated Property Value

Lastly, we have the "Median Sold Price," which is currently at $610,000. This represents the middle point of all the sold prices within a specific timeframe. It's important to note that this metric provides a snapshot of the market and can vary significantly depending on the location, property type, and other factors.

Image of Sold Listing Data for Bonner County Idaho

Image of the Estimated Property Value for Bonner County Idaho

Summary of the Bonner County Housing Market Trends

In conclusion, the correlation between these real estate metrics reveals a relatively balanced and favorable market for both buyers and sellers. While the 12-Month Change in Months of Inventory shows a slight increase, it does not significantly impact the overall market conditions.

The median days on the market and list to sold price percentage indicate a fair and reasonable timeframe for buying and selling, while the median sold price suggests a healthy range of options for buyers. By being aware of these metrics, you can make informed decisions and navigate the real estate market with confidence.

Using a Bonner County Real Estate Agent

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

However, it is important to note that the real estate market in Bonner County can vary greatly by location and time of year, so it is advisable to consult with a local Bonner 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 Bonner County home, give us a call today.