Twin Falls Real Estate Market Update: October 2024
This October, a balance of increasing inventory and strong demand describes the Twin Falls real estate market. This dynamic environment influences prices, sales activity, and buyer and seller expectations across existing and newly constructed homes. Below is a closer look at the data and what it means if you’re considering entering or already in the market.
What You Need to Know About the Twin Falls County Market:
Number of Residential Sales
•Total single-family homes sold: 103, a notable 15.7% increase from October 2023’s 89 sales.
•Existing homes sold: 91, an increase of about 23% from the previous year’s 74 sales.
•Newly constructed homes sold: 12, reflecting a 20% decrease from October 2023’s 15 sales.
This rise in existing home sales points to a strong preference for established neighborhoods, possibly driven by price sensitivity as average prices continue to rise. New construction, meanwhile, saw a decrease, suggesting that higher costs in construction and materials may be making newly built homes less attractive to budget-conscious buyers. Buyers may see greater affordability in existing homes, while sellers can leverage the demand for resale properties.
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Months of Inventory (MOI)
•Current MOI: 3.61, a slight decrease of 4.7% from the previous month and 2.4% lower than October 2023.
The current MOI of 3.61 months indicates that if no new homes were listed, it would take just over 3.5 months to sell through the current inventory at the existing sales pace. While a balanced market typically has around 4-6 months of inventory, this slightly lower MOI still reflects a seller-favorable environment, though with increasing options for home buyers.
The minor decrease from last month suggests that demand remains strong, but inventory is gradually catching up. This leveling out can benefit buyers by providing more choices- while sellers still enjoy a competitive market. If inventory continues to grow in the coming months, we might see a shift toward a more balanced market.
New Listings
•Total active residential listings: 385, up from 348 in October 2023, indicating increased seller activity.
•Newly constructed listings: 91, a slight increase from 90 listings last year.
•Existing home listings: 294, growing from 258 in October 2023.
The boost in new listings suggests that sellers are confident in market stability, leading them to list their properties. This trend benefits buyers by providing them with more options while balancing out the market dynamics slightly. If the trend of increasing new listings continues, it may gradually create more equilibrium between supply and demand.
Average Sales Price
•Overall average sales price: $465,743, a 14% year-over-year increase, reflecting steady appreciation.
•Existing homes average price: $457,563, up nearly 20% from last year’s $382,094.
•Newly constructed homes average price: $527,773, a slight decrease of 2.1% from last October’s $539,027.
This continued rise in the price of existing homes highlights a persistent demand for established neighborhoods and properties. The high average price of newly constructed homes, though slightly down, may suggest that developers are adjusting prices to remain competitive in light of buyer preferences for more affordable options. As existing home prices rise, sellers may find themselves in a strong negotiating position, while buyers could face higher price tags, especially for move-in-ready properties in desirable locations.
Days on Market
•Average days on market for all homes: 51, down from last year’s 64 days, signaling a market that’s moving quickly.
•Existing homes DOM: 50 days, down slightly from 54 days the previous year.
•New construction DOM: 53 days, a significant reduction from 95 days last October.
Homes in Twin Falls are selling faster than in previous years, which is an indicator of strong demand and buyer urgency. A shorter DOM in new constructions suggests that builders may have found the sweet spot in pricing, making new homes more attractive despite rising interest rates. For both buyers and sellers, this fast-paced market emphasizes the importance of being well-prepared and ready to act, as properties do not stay on the market long when properly priced.
Key Takeaways
For Sellers: Rising prices and low DOM create an ideal environment for those looking to sell. Properties are moving quickly, and competitive pricing can result in multiple offers, particularly in high-demand neighborhoods.
For Buyers: While inventory is improving, higher average prices and a quick-moving market mean that pre-approval and readiness to make swift decisions are crucial. Buyers may need to consider expanding their search criteria or exploring emerging neighborhoods where prices are more affordable.
For Investors: With a balanced mix of inventory growth and price appreciation, Twin Falls offers attractive long-term potential. Current trends suggest resilience, making it an opportune time for strategic investment in both existing properties and select new builds.
Have questions about what this all means for you? Reach out today to chat about your unique real estate needs!
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.
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