ELMORE COUNTY HOUSING MARKET UPDATE

After a few months of year-over-year increases in inventory, listings dwindled again in January. With only 20 homes available for purchase at the end of the month, Elmore County is nearing historic lows when it comes to inventory.

The demand for homes continues to outpace the supply of homes for sale. The metric used to illustrate the supply vs. demand relationship is Months Supply of Inventory (MSI), which takes the number of homes for sale divided by the average number of sales by month for the preceding 12 months.

As of January 2022, Elmore County was at just 0.4 months, meaning, if no additional homes were listed, the supply of homes would run out in a matter of weeks. A balanced market — not favoring buyers or sellers — is typically between 4-6 months of supply.

There were 42 sales in the county, an increase of 13.5% compared to the same month last year. The median sales price was $314,250 in January 2022, a 33.2% increase from the year before. Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends.

For homeowners considering selling this spring, we encourage them to talk to a REALTOR® right away to understand their options and the potential equity they may have. Buyer demand is there, and any additional inventory would be positive for this market.

Source: https://www.boirealtors.com/january-2022-market-report