Idaho Real Estate Market Report

17th Jan, 2008

There’s no doubt that you’ve heard over and over again that the national real estate market is currently struggling. This is something that I personally can’t deny. It’s true that the overall U.S. market looks grim. However, I want you to step back from the “sky is falling” talk and really see what’s happening with the Idaho Falls real estate market. I don’t want to just stop there though. There are numerous other communities in southeast Idaho that have interesting things occurring to their market. Let’s also take a closer look at many of the other communities in southeast Idaho including Island Park real estate, Rigby homes, Shelley homes, and Rexburg homes. Once you do, you might be surprised at what you’ll find.

To better assist you in finding accurate information, I’ll be grouping the statistics by county. If you would like, you can quickly scroll down and just view the area that interests you most.

Bonneville County

Most people would probably tell you that the market in Idaho Falls, Ammon, Ririe, and Swan Valley had a horrible year in 2007.Â You might be surprised to find out that this isn’t necessarily true. There are definitely a few trends that could be considered negative, but overall things looked good.

In 2006 the median sold price for a single family home was $144,900 and the average was $161,742. In 2007 the median price rose 9.0% to $157,950 and the average rose 10.4% to $178,585. In addition, the average number of days on the market for a house that sold in 2006 was 94, while in 2007 it dropped to 85. These are all good trends for the current home owner looking to sell their property, especially when you consider that there are many regions of the U.S. where real estate values are declining.

Now let’s look at the number of homes sold. In 2006 there were 1,986 new single family listings with 1,692 homes that were sold. In 2007 there were 2,456 new single family listings and 1,678 that were sold. This means that there were significantly more houses listed for sale in 2007 but fewer actually sold. This leaves an enormous amount of inventory still on the market which is definitely a negative for the home owner looking to sell their home in the future. However, it’s important to point out that this is a huge positive for any buyers. They have a large supply of homes to look at with very little competition. This very well could mean that prices begin to drop in 2008.

Jefferson County

The biggest community in Jefferson County is the town of Rigby. This area has been really booming the last few years and has seen price increases that have been significantly higher than all of the other surrounding counties. Over the last year this has still remained true, but Jefferson County had very similar results to Bonneville County.

In 2006 the median sold price for a single family home was $164,950 and the average was $173,080. In 2007 the median price rose 12.3% to $185,300 and the average rose 11.8% to $193,589. In addition, the average number of days on the market for a house that sold in 2006 was 117, while in 2007 it dropped to 99. These are all good trends for the current home owner looking to sell their property, especially when you consider that there are many regions of the U.S. where real estate values are declining.

Now let’s look at the number of homes sold. In 2006 there were 407 new single family listings with 332 homes that were sold. In 2007 there were 578 new single family listings and 311 that were sold. This means that there were significantly more houses listed for sale in 2007 but fewer actually sold. This leaves an enormous amount of inventory still on the market which is definitely a negative for the home owner looking to sell their home in the future. However, it’s important to point out that this is a huge positive for any buyers. They have a large supply of homes to look at with very little competition. This very well could mean that prices begin to drop in 2008.

Fremont County

The most active real estate market in Fremont County is Island Park. This area is normally considered a recreational property community which potentially puts different constraints on the real estate market for this area. However, over the last year, Fremont County had very similar results to Bonneville County and Jefferson County.

In 2006 the median sold price for a single family home was $161,500 and the average was $205,961. In 2007 the median price rose 6.1% to $171,400 and the average rose 9.1% to $224,753. In addition, the average number of days on the market for a house that sold in 2006 was 184, while in 2007 it dropped to 155. These are all good trends for the current home owner looking to sell their property, especially when you consider that there are many regions of the U.S. where real estate values are declining.

Now let’s look at the number of homes sold. In 2006 there were 211 new single family listings with 193 homes that were sold. In 2007 there were 291 new single family listings and 157 that were sold. This means that there were significantly more houses listed for sale in 2007 but fewer actually sold. This leaves an enormous amount of inventory still on the market which is definitely a negative for the home owner looking to sell their home in the future. However, it’s important to point out that this is a huge positive for any buyers. They have a large supply of homes to look at with very little competition. This very well could mean that prices begin to drop in 2008.

Bingham County

Bingham County consists of Shelley, Blackfoot, and several other smaller communities. This area has also seen a substantial amount of growth over the last few years but still remains very affordable.

In 2006 the median sold price for a single family home was $128,600 and the average was $144,721. In 2007 the median price rose 8.1% to $139,000 and the average rose 9.2% to $158,141. In addition, the average number of days on the market for a house that sold in 2006 was 113, while in 2007 it dropped to 93. These are all good trends for the current home owner looking to sell their property, especially when you consider that there are many regions of the U.S. where real estate values are declining.

Now let’s look at the number of homes sold. In 2006 there were 419 new single family listings with 372 homes that were sold.Â In 2007 there were 507 new single family listings and 365 that were sold. This means that there were significantly more houses listed for sale in 2007 but fewer actually sold. This leaves an enormous amount of inventory still on the market which is definitely a negative for the home owner looking to sell their home in the future. However, it’s important to point out that this is a huge positive for any buyers. They have a large supply of homes to look at with very little competition. This very well could mean that prices begin to drop in 2008.

Madison County

The most active real estate market in Madison County is Rexburg. This is the only area that I covered in southeast Idaho that didn’t follow the exact trends of the other communities.

In 2006 the median sold price for a single family home was $150,550 and the average was $170,789. The difference with Madison County is that the median price remained virtually unchanged in 2007 when it came in at $150,000. As for the average price, it only rose 3.8% to $177,250 in 2007. The average number of days on the market for a house that sold in 2006 was 142, while in 2007 it dropped to 113. These are all decent trends for the current home owner looking to sell their property, especially when you consider that there are many regions of the U.S. where real estate values are declining.

Now let’s look at the number of homes sold. In 2006 there were 278 new single family listings with 268 homes that were sold. In 2007 there were 452 new single family listings and 277 that were sold. This means that there were significantly more houses listed for sale in 2007 but only a few more sold. This leaves an enormous amount of inventory still on the market which is definitely a negative for the home owner looking to sell their home in the future.Â However, it’s important to point out that this is a huge positive for any buyers. They have a large supply of homes to look at with very little competition. This very well could mean that prices begin to drop in 2008.

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