November 2023

Image of Kootenai County Housing Market Report

Real estate metrics and valuable insights into the trends and current state of the housing market in Kootenai County. Whether you are a buyer or a seller, understanding these metrics and trands can greatly aid you in making informed decisions about buying or selling real estate in Kootenai 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)

Firstly, let's discuss the months supply of inventory, which stands at 3.41. This metric represents the number of months it would take to sell all the current inventory of homes on the market, given the current sales pace. A lower number indicates a seller's market, where demand exceeds supply, and prices may be driven up. Conversely, a higher number suggests a buyer's market, where supply exceeds demand, potentially leading to lower prices.

Now, let's take a look at the 12-month change in months of inventory, which shows a positive increase of 6.9%. This indicates that there has been a slight increase in the number of months it would take to sell all available inventory compared to this time last year. However, it's important to note that this increase is relatively modest, suggesting that the market remains fairly balanced with stable demand.

Image of Kootenai County Real Estate Inventory Supply

Median Days Homes are on the Market

Moving on to the median days homes are on the market, we find that it currently stands at 38. This metric represents the average number of days it takes for a home to be sold after being listed. A lower number indicates a faster-paced market, where properties are selling relatively quickly. In this case, 38 days suggests a reasonably active market where buyers are motivated and able to make decisions swiftly.

List to Sold Price Percentage

Next, let's discuss the list to sold price percentage, which stands at an impressive 97.2%. This metric represents the average percentage of the list price that sellers are able to achieve when selling their homes. A higher percentage indicates strong negotiation power for sellers, as they are able to retain a larger portion of their asking price. This figure suggests that sellers in this market are generally achieving a high percentage of their desired price, which is encouraging news for potential sellers.

Median Sold Price & Median Estimated Property Value

Lastly, we have the Median Sold Price, which currently sits at $524,450. This metric represents the midpoint of all the sold prices in a given area, providing us with a snapshot of the average price at which homes are being sold. With a median sold price of $524,450, buyers can gauge the general price range they can expect to encounter in this market.

Image of Sold Listing Data for Kootenai County Idaho

Image of the Estimated Property Value for Kootenai County Idaho

Summary of the Kootenai County Housing Market Trends

To wrap it up, let's tie all these metrics together. The low Months Supply of Inventory suggests a seller's market, where demand outweighs supply. However, the positive growth in the 12-Month Change in Months of Inventory indicates a slight shift towards favoring buyers. Meanwhile, the Median Days Homes are On the Market suggests that homes are selling relatively quickly, reflecting a healthy level of demand. The List to Sold Price Percentage indicates that sellers are likely to receive offers very close to their asking price, while the Median Sold Price provides buyers with an average price range to consider.

In conclusion, this analysis paints a picture of a dynamic real estate market with favorable conditions for both buyers and sellers. Buyers should be prepared to act swiftly in a market where inventory is relatively low, while sellers can expect strong offers close to their desired price. Whether you are looking to buy or sell, it is essential to stay informed and work with a knowledgeable real estate professional who can guide you through this exciting journey.

Using a Kootenai County Real Estate Agent

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

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