04/07/2023
North Idaho 'Previously Owned Homes' Market Update - March 2023
Current Market Statistics Favor: Buyers
The 'Previously Owned Homes' market seems to be declining compared to the New Construction market. Previously Owned Inventory is sitting at 409 Listings this March compared to 467 for March of 2022 – down by (12.4%). Closed sales have decreased by (30.1%) year-over-year while Days on Market has increased by 47.4% to 84 vs. 57 one year ago. The Median Sales Price for Previously Owned Homes has dropped by (13.8%), while the average sales price has declined by (3.7%) to $628,794. Previously Owned Homes are maintaining a 97% sold price compared to list price. The inventory of Previously Owned Homes is sitting at 625, up 76.6% from this time last year creating a 2.3 month supply of Previously Owned Homes versus 4.7 months of inventory for New Construction Homes. Previously Owned Homes typically runs about $100k to $125k (less) than a comparable New Construction Home.
There are some great properties for sale in North Idaho and all current Previously Owned Homes for Sale can be seen at SeeNorthIdahoHomes.com – you can filter and sort according to your needs.
If you have specific questions, or would like to set up a showing for any of these properties, please call us today at 509.598.1309 – we’re standing by ready to help.
*Cash is King when purchasing a home but if you need financing we have a great list of ‘local’ Lenders that can help you navigate financing a home – Call/Text/Email and we’ll send it right over…