East Idaho Real Estate Market Update February 25, 2023

Video Transcript:

Well, good afternoon, everybody. This is Rick Robinson with Real Estate 270. And it is Friday, which means we are doing our look at our market statistics. We are diving a little bit deeper into them this week compared to most, and also going to show you something.

Really, really cool that we just launched for you guys. So looking here at our sales volume, now, what I did, I compared 2023 to our five-year average just to kind of give ourselves a true picture of what our markets actually doing and how it compares to other years.

So looking at our 2023 sales volume, to me, it has actually felt like it's been a really, really slow market. However, coming out of 2022, which was an absolutely insane market, of course, it's going to feel slow.

But when you put on the five-year average, sales volume by week, which is how I have this here, we've actually been ahead where we normally are this time of year. And you can see here that it's not until this week.

This week was a really slow week in Real estate. There was only a total of four homes that closed in East Idaho. But, yeah, you can see that we've actually been ahead of our five-year average for the whole first part of this year.

Technically, we are a little bit behind the five-year average, but we have started the year off ahead and kind of following the normal market trends. So let's take a look now at the number of homes sold.

We were originally kind of keeping up with our five-year average. The five-year average is kind of crazy. It's just almost like a straight line. The number of homes sold, again, there was only four. We went from 194 to 198 in East idaho this week.

Anyway, you can see we are kind of behind the trend. We are kind of behind the average here on homes sold for East idaho for this time of year. And looking at our median sold price. So looking at our five-year average, and I'm actually going to do another analysis on this in just a second that's going to really make this look crazy.

So our five-year average this time of year, we're at an average, sorry, a median sold price of $259,000 for East Idaho last week, we did dip down to 360. Now we're back up to 391, 847. And I decided to throw the trend line in here just to see how they're trending this year.

And we are actually on a pretty decent, steady increase in prices according to that trend line. So I thought that was kind of interesting. Going to our interest rates, we obviously know that we're significantly higher than where we normally have been.

We did dip down just a little bit after the first of the year. And through, we hit our lowest point on what looks like the week of February 5 to February 11. Now, we've jumped back up to about six and a half percent average five years.

We were at about 3.82 right now. But what I wanted to show you guys, 2022 was like a super crazy year. Like way crazy. So what would happen if we excluded 2022? Because hopefully, we'll not have a repeat of kind of the situation of that was happening last year because it just made the market go wild.

So pulling that out of the five-year average and looking at the four years prior to that, so that would be 2021 back to 2018, I wanted to see how if that painted any sort of a different picture, and let's look at our sales volume.

I thought this was very interesting. So this yellow or orange or gold or whatever color it is, this is the normal sales volume or our normal average sales volume. And we are still significantly ahead of the averages.

I thought that was really interesting. Okay, let's take a look at the home's number of homes sold. Okay, we're still actually way, way below where we normally would be, but, but sales volume is so much higher.

But the homes sold is so much lower. Well, it's because we are still historically very high for our median sales price. So taking 2022 out of the equation out of our five-year average. I forgot to put the label on this one.

Our median sales price was only 226 650. And right now for East Idaho, we're at 391 847. So that's why our sales volume is still so much higher than where it normally is. But the number of homes sold is still relatively low because again, the values are still insanely high.

Where does that put us in the market right now? We are still technically in a seller's market. Once we reach about six months of inventory on the market, then that's considered a balanced market. We've got 4.91 months of inventory.

So we are creeping closer and closer to a balanced market as more and more inventory comes on. Anyway, super interesting times. Really interesting to look at these statistics. You guys all now have access to this.

So I launched the page today called Real EstateTwo70 Live Statistics. So if you go to our home page, there's a link to it at the very top in our navigation bar. And all of these charts are actually linked to the database.

And so as I update them, it's a live update on the website as well. So this is going to give you the most up-to-date and accurate market statistics that you can find for East Idaho. And this is really coming straight from the source.

Again, you'll go to two70.com and then at the very top you'll just click on live market statistics. And you guys will all have access to this. Hope everybody has. A fantastic weekend.

Thanks for tuning in. We'll see you guys next Friday.