We are seeing a gradual increase in home values and sales. Intermountain MLS reports that the average Existing Home Price has crept up 4% from $125,372 in February 2012 to $130,357 this past February. The number of Existing Home sales in February remained static with 54, but YTD is up nearly 11% from the same time in 2012. Another good sign is Days On Market have dropped from 142 to 111 as listings are drying up. February of 2012 had 647 listings. This February there were only 496, a 23% decline.
Total warranty deeds and deeds of trust recorded in Twin Falls County were up 6% from February of last year; another good indicator of growth. Interest rates are still under 4%.
It is time for buyers to get off the fence and pull the trigger on a purchase before prices and interest rates go up! If these trends continue, it will soon be a seller’s market.