East Idaho's Real Estate Market Update: Is it still a seller's market?

Video Transcript:

Good day, everyone! Today is Friday, March 3, and welcome to our real estate market update. We have some interesting insights to share with you today, so let's dive right in.

First, let's take a look at the historical home values. We've seen a decline in home values across all counties since about October, but despite this, we're still in a seller's market.

Now, let's examine the new listing count for the past 12 months in each county. Madison County has experienced a 66.67% increase in inventory, while Bonneville County has had a 15.15% increase and Bingham County has seen a 43.75% increase. On the other hand, Bannock County has experienced an 8.7% decrease in new inventory, indicating a more stable market than expected.

When it comes to median list prices, Madison County has seen a 26.65% decrease, while Bonneville and Bingham Counties have each gone down 13.79% and 13.95%, respectively. Interestingly, Bannock County's median list price has gone up by 9.87%.

Now, let's take a look at the days on market for each county in the past 12 months. Madison County has seen a 463% increase in days on market, Bonneville County has experienced a 200% increase, Bingham County has only gone up by 53.88%, and surprisingly, Bannock County has only gone up by 15.27%, making it a relatively stable market.

Moving on to demand scores, Bannock County has a relatively high demand score of 43.85, while Bingham County has a demand score of 25.6 and Bonneville County's demand score is pretty high at 30.61. However, Madison County has a demand score of only 8.6.

Finally, let's take a look at the median sold price in East Idaho for the past 24 months. We saw an increasing trend up until around July 2022 when we started to see a decline in the median sold price.

It's also interesting to note that people's savings accounts were pretty steady at around 7.5% of their income until they jumped to 9% and then skyrocketed with the free money being handed out in the economy. However, as predicted, people's savings have decreased since the free money stopped being distributed, leading to less spending in the market.

There may be a correlation between people's savings accounts and home values in East Idaho, but that's up to you to decide. We've published all these statistics on our website, so feel free to check them out.

Thank you for tuning in to today's market report. We hope this gives you valuable insight into what the market is doing. Have a fantastic weekend, and we'll see you next Friday!