Holiday Season Market Report for 2021
The colder months and holiday season have brought about the expected annual slowdown in market sales. Homes are taking longer to sell, mortgage rates have leveled and stabilized, the unemployment rate is the lowest it’s been in many years, and the number of available homes for sale is also stable.
New home sales rose in Idaho at the beginning of September, but pending home sales dropped 2.3% month-over-month at the same time. Ada County’s median sales price in October was $534,950 with a 0.2% decrease from September. In Canyon County, the median sales price was $422,455.
Prices are up between 28% and 30% in both counties this year compared to 2020. Across the nation, the median sales price was $352,800, making November the third consecutive month with declining home prices.
Inflation rose in the past few months. Existing home sales are stable and there are more investors in the market. Homes are taking longer to sell, around 23-26 days, which is slower than the 19 days it took in October. Slower selling times are allowing buyers more time to make decisions, and with a better inventory, there are more options. Buyers get to ask for repairs and they are not waiving appraisals.
With 2022 just around the corner, many wonder what the new year’s real estate market will hold. Inventory is predicted to increase, mortgage rates will potentially rise, and home values may grow by a small percentage. All these are only predictions; we shall have to see what the year 2022 will bring to the Treasure Valley real estate market.
The TVPM team wishes you all a Merry Christmas and a Happy New Year, and we hope to see you in 2022!