Memorial Weekend is upon us and that usually means that home sales will start to rise as the weather improves and school is out. Today’s market is very different than it has been in a while as we are seeing low inventory, which is about 40% less than we were at last year. Buyers today are still very motivated as the interest rates continue to stay low, which allows them to buy more home with their income.
In Bingham County this month, according to the Snake River MLS, 24 single family homes have sold. Last year that number was 26 from May 1st to May 27th. Despite having significantly less inventory than we did last year, home sales are still steady for Bingham County.
In 2015 the average sale price of a home in May was $181,494 and the median was $135,950. This year that number has jumped up for the month of May as the average sale price is $207,314 and the median is $191,000.
The average days on the market for the homes that closed in May of 2016 was 150 days while the median was 61.5 days. In May of 2015, the average days on the market for homes that closed was 122 days while the median days on the market was 88.5.
As inventory stays low it does create a sellers market as home prices continue to rise at a steady pace. This isn’t the type of market where buyers will be able to get a deal on a home as over half the homes this month in Bingham County are selling for 98% of list price or higher.