January 2023 Market Trends
-There were 206 closed homes through the entire MLS for January
-29.6% of the homes that closed were cash sales
-Over 1/3 of the homes that closed were between $400k-$599k price range- which is similar to December
-27 homes sold for over $1 million
-The price range with the most price changes was the $500k-$599k -which is a higher price range than the previous month
-Sales for the month of January were down 42.6% from the same time last year
-Median sales price of sold homes was up to $525,000 which is $10,000 higher than the previous month and $20,000 higher than January 2022
-There are now some new construction options in Hayden, Rathdrum and Post Falls starting out at $375k
-For the closed properties for this month-
–14% of the closed properties were on the market 0-30 days and those home closed within 98.15% of the original list price
–19% of them closed with being on the market for 31-60 days and those homes closed within 97.15% of the original listing price.
–12.5% of them closed with being on the market from 61-90 days and those homes closed within 92.58% of the original listing price.
–18% of them closed with being on the market 91-120 days and those homes closed with 90.21% of the original listing price
–36% of them closed with them being on the market for 121+ days and those homes closed within 88.01% of the original listing price
All these percentages were slightly higher than the previous month.
— So break down on that for buyers – if you are looking for a deal, find a home that has been on the market for 121 days, on the flip side for sellers make sure you list your home at a fair market value to get a quicker sale because the longer it sits on the market the less a buyer is going to want to offer on it.
** Information is based on numbers from the CdA MLS and provided by Amanda Kuespert, Phenix Agency, Inc