Bonneville County                2016               2017               2018               2019

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# of homes Sold in a year           2079                 2058                 1992                 92

January                         102                   106                   115                   92

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# of Active Listings                    2512                 2740                 2519                 334

January                         302                   258                   231                   187

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Average Sales Price                  $177,622           $193,859           $217,358           $214,017

            January                         $162,653           $172,119           $200,855           $214,017 __________________________________________________________________________________________________________________________

Average Days on                       58                     47                     42                     52        

the market

            January                         79                     74                     62                     52

 

 

Out of the mouth of Russ: 

     What do these numbers mean? One of the most significant observations is the lack of inventory. How does low inventory effect the market? It is simply supply and demand. When the supply is low, often competition for houses increases and demand can spike. This is reflected in the “Average Days on Market”. If we compare January 2016 (79 days) to January 2019 (52 days), it is easy to see that the average days on market has become shorter. As supply went down and demand rose, so did the average sales price. Home sale prices have jumped roughly 17% from 2016 to 2019. For example, if you purchased your home in 2016 for $150,000, today your home value would be approximately $175,500. There are certainly many factors that may increase or decrease your homes sales price. I am happy to discuss with you how these factors may apply to your home.

     We are excited to be in the real estate world and are passionate about helping you with your real estate needs. Now is a great time to list your home or investment property because of the low inventory levels. A common misconception among sellers is to wait until summer to list their home. Because of the current low supply of homes on the market, it may be beneficial to list your home now, instead of waiting for the summer months. Most importantly, we encourage you to list your home when the timing is right for you. We are always here to help you negotiate the best outcome in your real estate transactions.

 

 

How do these numbers look to you?

 

Comment here or send me an email (russ@russdonahoo.com) or text message (208.243.0545) with any questions.