August Market Report 2022 — 208 Market Real Estate

What are we seeing across the market?
A few key points:
📍Ada County, there were 566 homes that sold & 526 homes that went pending in August
📍Ada County, we saw the average sales price increase from July - even with days on market going up 1 day
📍In Ada County, we saw new construction inventory drop from 6.8 months to 3.9 months which shows there are still loads of active luxury buyers

As a seller in our shifting market, proper preparation is non-negotiable. Overpricing homes will not do you any benefit. Why? They will sit. You will end up doing a price reduction and then, lose your home's momentum of being a new listing.

Buyers, we are seeing some incredible opportunities for you this year! Competition is not as fierce as it was in the last two years. It is still a competitive market - but, instead of competing against 5+ offers, we are seeing negotiations come back into transactions. Just last week our team was able to secure one of our buyer's dream homes with a $30,000 price reduction!! 💥

Who are we seeing as active buyers right now? We are working with investors taking advantage of huge opportunities (hedge against inflation), buying/building their move-up home (we currently have over $30M under contract for new construction!), or relocating to our area.

208 Market, April Florczyk Real Estate
Call or text, (208)274-3787
www.208market.com

That's an increase of 14.5% year-over-year. Buyers who purchased in recent months faced larger monthly mortgage payments due to higher mortgage interest rates and home prices, which has had a cooling effect on the demand for housing.

Homes that closed last month spent an average of 19 days on the market
before going under contract, compared to 9 days in August 2021.

Even with the uptick in inventory, the months supply of inventory in August was 2.6 months, meaning, if no additional homes were listed, the supply of homes would run out in less than three months. A "balanced" market is typically 6 months of supply.