Are you a homeowner in Twin Falls County- or interested in becoming one? Here is the information you’ll need about what happened in the real estate market in April 2024. Competition and prices are on the increase, and days on the market are on the decrease. Don’t miss out on learning more about reducing the cost of your mortgage or getting a lower rate, make sure you read until the end!
What You Need to Know About the Twin Falls County Market:
Number of Residential Sales
April continued the trend of the downward number of sales in Twin Falls County this year. For April, there were a total of 92 single-family homes sold in Twin Falls County, down 12.38% from April last year, which had 105 homes sold. Year-to-date (YTD) sales are down 8.29% from 2023.
Interest rates continue to increase as inflation remains elevated. Because of the higher rates and high property values, a lot of the people in today’s market are people who have to move or first-timers. Despite the number of residential sales being down, property values are continuing to rise- I’ll get more into that later.
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Months of Inventory (MOI)
Twin Falls County is currently experiencing a seller’s market, with only 2.9 months’ worth of inventory available. The months of inventory refer to the amount of time it would take for all the homes on the market to be absorbed, assuming no new homes were listed. Although some seller compensations are being offered at certain price points in the area, many homes are still receiving multiple offers, particularly those that fall within the $200,000-$400,000 price range.
New Listings
In April, Twin Falls County had 139 new listings on the market, of which 58 have sold or gone pending. Homes that are well-maintained, located in a good area, and priced appropriately are selling quickly. If you’re planning on selling your home this spring or summer, it’s crucial to take the time to prepare your home properly and partner with someone who has a great marketing plan. In today’s market, this will often result in a quick sale.
If you are planning to purchase a property, it is crucial to plan for a successful experience. Before beginning your home shopping, take the time to compare lenders. With current interest rates, it is essential to review the different programs that lenders are offering and compare their fee structures. This will help you make an informed decision when selecting a lender and ensure that you get the best possible deal. I have seen lenders recently offering credits for their fees, rate relief programs, and more. I’m happy to provide you with these lenders’ information.
Also, if you can get your loan underwritten upfront, this will help your offer stand out when you’re ready. Of the 92 homes sold in April, 22 were cash deals. Having your loan underwritten upfront will help you be as competitive as possible.
Average Sales Price
The average sales price YTD in April was $396, 464. This number is up 7.54% from April 2023 when the average sales price in Twin Falls County was $360,341. Property values continue to increase month after month in the Magic Valley.
Days on Market
The average days on the market (DOM) in April was 56, while year-to-date was 77. However, if you look at the 92 homes sold in April, 49 of which were between $200,000-$400,000. The average days on the market for these homes was 40, while the median was just 11. The market is moving quick- especially for homes under $400,000.
As always, this market update is an general overview of things going on. Everybody has their own situation, and I am happy to take the time to learn more about your real estate goals and show you how I can help make them happen. You can set up a no-pressure phone call here.
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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