Twin Falls County Real Estate Market Update: February 2024
I’m looking for homeowners in Twin Falls County or anyone planning to become one, here’s what went down in March 2024 in the Twin Falls County real estate market.
Read on for helpful tips and real truths about how the current market could impact your real estate goals if you’re considering buying or selling this spring or summer.
What You Need to Know About the Twin Falls County Market:
Number of Residential Sales
The total number of residential sales in March reached 107, a massive 59% increase in listings sold month-over-month (MoM). I think it’s safe to say that the spring real estate market is officially heating up, and we can expect to see more of the same throughout April and May. This is the time of year when we will see the largest majority of home sales because of the favorable weather, school breaks, etc.
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Months of Inventory
We’re still firmly situated within a seller’s market, and in Twin Falls County, the Months of Inventory (MOI) remain low, sitting at 3.19 months in March 2024.
The MOI serves as a reliable gauge of the current market dynamics and potential future trends. While a balanced market typically has about 4-6 months of inventory, we’ve consistently observed the balance tipped in favor of sellers over the past five years.
Homes that are appropriately priced, well-maintained, and strategically located continue to be in high demand. It’s not uncommon for them to attract multiple offers and secure acceptances within the first week of listing.
New Listings
Though the available inventory continues to remain low, we did see 144 new listings in Twin Falls County for March. This number is up almost 11% from last month when 130 new homes hit the market.
This number should continue to rise over the next few months as the school year comes to an end and the weather warms up. The good news for buyers is that you should have more choices available; the bad news is that homes hitting the market are being absorbed almost as quickly.
When you’re out there shopping, it’s more important than ever to have a solid idea of what you’re looking for so that when you find it, you are ready to make a move on it.
Sales Price
The median sales price for a home in Twin Falls County remained basically unchanged with a median sales price of $364,950 in March, whereas in February 2024, it was $365,000 for all single-family homes.
Looking at the prices year over year, prices continue to increase rapidly, with the median price of a home up 7.34% from $340,000 at this time in 2023. On average, homes appreciate at a rate of 3% per year; however, over the last four years, we have seen incredible gains of well over 10% annually.
Breaking it down by category, pre-existing single-family homes sold on average for $346,500, new construction for $441,957, and single-family homes with acreage sold on average for $568,750.
Days On Market
As I’ve been mentioning, this time of year is when we witness a lot of market activity. The days on the market have significantly decreased from last month. In March 2024, the average days on the market were 74 compared to 104 in February, which is a 29% decrease in days on the market month over month.
In March, the median days on market for all single-family homes sold in the county was only 30. Despite the various factors that are making housing less affordable, people are still finding ways to make it work and have reasons for moving. The competition level remains high in our local real estate market.
If you want to be a strategic seller and have a lot of showings for your property right away, it’s important to price your home correctly. This will help you sell your property quickly so that you can move on to bigger and better things.
Conclusion
Alright, so I’m sure you know what some of my concluding thoughts are for this month’s update. If you’re a buyer planning to make a move this spring or summer, it is time to get educated and prepared to ensure you have the most successful experience possible. Competition is tight out there—especially for first-timers.
As I touched on a bit last month, the Fed keeps discussing rate cuts, but currently, it doesn’t seem likely that anything is going to happen as inflation continues to grow at a pace faster than they would like to see. My personal opinion is to buckle up and get used to rates around 6% and make a plan for something you can afford at that interest rate. If/when rates do come down, great! Most lenders are offering refinances with waived or reduced fees.
Waiting for these rate drops poses a couple of different problems. Firstly, prices keep rising, practically on a monthly basis and certainly on an annual scale. If you keep putting off purchasing, by the time rates come down, the amount you save in interest will likely be offset by the increased purchase price. Secondly, when rates do drop lower, competition will inevitably increase. I’m actually relieved that the rates haven’t dropped too much yet. Currently, it’s a bit disappointing because rates are at their highest in months, but a gradual decline is necessary to avoid an influx of activity like we saw before.
Sellers, this is a great time for you if you’re willing to be strategic. Proper pricing and a well-maintained home often lead to a quick sale at or above the asking price. Depending on the type of move you’re planning to make, now could be a great time.
Again, this is all general information, and each and every situation is completely unique. I am always here to have a discussion about your real estate goals, set up a time with me to talk here. Or, if you’d like an instant home valuation, you can grab one here. Thanks for reading, I’ll catch you next month!
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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