March 25, 2024

Twin Falls Real Estate Market Update: February 2024

Uncategorized / March 25, 2024

If you’re a homeowner in Twin Falls County or planning to become one, here’s the market info you’ll need to make strategic plans as we move into the Spring real estate market. Stick around until the end so you can take advantage of some of the hidden opportunities whether you’re thinking about buying or selling this spring.

What You Need to Know About the Twin Falls County Market:

Number of Residential Sales
Months of Inventory (MOI)
New Listings
Average Sales Price
Days on Market

Number of Residential Sales

The total number of residential sales came in at 67, which was 22.09% lower than this time last year in February and 4.02% less than January 2024. However, we did see the total number of available homes for sale drop about 6% from January to February. We are still in a lower inventory situation, and homes beneath $350,000 are often seeing multiple offers, especially in desirable locations or homes with larger lots.

Steal This!

Months of Inventory

We are still in a seller’s market and in Twin Falls County had 3.07 Months of Inventory (MOI) in February 2024. This number has been going down monthly since November of 2023 where we saw the MOI reach 3.81, so we’ve definitely seen a decrease.

The current MOI level gives us insight into how competitive the market is presently, but its direction also gives us clues into where the market may be heading. With inventory becoming less available monthly but sales remaining steady month-over-month.

Depending on the price point and product, the competition level changes. It’s more of a seller’s market for properties below $350,000, whereas the properties in the higher price points tend to take a bit longer to sell.

I think many people have accepted higher interest rates as the new norm. Rather than waiting to buy, many are adjusting what they’re shopping for, making the lower price points more active.

New Listings

A bright side for those out shopping in those lower price points, we did see more inventory hit the market in February with 130 new properties listed. This was a 25% increase from January where we saw 104 new properties hit the market.

This is typical as the majority of homes in Twin Falls County are sold during the spring and summer months.

Average Sales Price

The median sales price for a home in Twin Falls County was $370,000 in February, whereas in January 2024, it was $360,000 for all single-family homes. This number has grown, and we can expect to see that continue as the spring market heats up.

The median cost of a single-family home in Twin Falls County has increased by 12.98% from $335,500 in February 2023. Although prices may fluctuate monthly, the overall trend in the long term continues to be upward.

Breaking it down by category, pre-existing single family homes sold on average for $350,000, new construction for $440,000, and single family homes with acreage sold on average for $533,000.

Days On Market

The average days on market has increased to 91 days in Twin Falls county, up 10 days from January. However, if you look at homes under $350,000, the average days on market is just 53 days. So, going back to what I mentioned earlier, the price point in which you’re shopping will make a difference in competion. If you’re shopping price points above $450,000, you will likely find less competion and more seller incentives.

Conclusion

So, what does this all mean for you? You can expect more homes to hit the market and sales to happen as we move forward in the spring market. We are seeing lots of multiple offer scenarios.In our market, most buying and selling occurs from April to September due to favorable weather and school breaks.

The Federal Reserve announced on Wednesday that it still expects to cut interest rates three times in 2024. If this happens, it could lead to an increase in sales later in the year.

Sellers, if you’ve been thinking about selling, we are in a seller’s market with lower inventory, especially for starter homes. Depending on what you’re planning to do, this could be a great time to move- especially if you’re planning to upsize.

If you’re planning to purchase a house this year, it is crucial to have an agent who is well-informed and supportive. It’s essential that they have a thorough understanding of the local areas and current market trends so that they can provide you with the right guidance and help you achieve your goals successfully.

Every situation is unique when you are buying or selling real estate. If you’d like to discuss your situation, I’d be happy to help. Feel free to give me a call or schedule an appointment today.

Hi, I'm Sabrina!

I’m your local Twin Falls real estate agent and soon-to-be friend in real estate! Whether you’re selling or buying, I am here to help my clients achieve their real estate goals. Through strong client advocacy, skillful marketing techniques, exceptional communication, and proven systems, I strive to make my client’s experience as smooth and stress-free as possible.