It’s not the good time to buy Part 2

“It’s not the right time to buy”
Part two.

As you saw we touched on the subject Monday talking about Ada county, but today let’s talk Canyon county!

Canyon County Market review as of 6/9/22

Active Listings - in May 2022 = 1390 of those listings we had 300 that were "new construction". This is a 1% decrease from 2022 but a 47% decrease from April 2022
Price - Median home prices in May 2022 was $454,000 which was a 1% decrease from April 2022 but a 47% decrease from April 2021 year over year.
DOM - 10 days on market in May 2021 vs. 19 Days in May 2022 which is down 12% from April 2022.
Median Sales Price - May 2021 $404,000 - April 2022 was $465,000 - May 2022 was $449,000.00
Home Sales - in May 2021 = 535 vs. April 2022 = 523 vs. May 2022 = 260 which is a 51% decrease year over year
33.3% of the homes listed in Canyon County are new construction as of 6/9/22

Here is my interpretation of the above data and the trends I'm seeing in the last few weeks.

* Rising rates caused a sharp decline in sales last month but we saw NO decline in values.
* Fewer homes were on market
* Current homeowners with 2-3% rate on their current mortgage are less likely to make a lateral move with higher prices and higher rates.
* Less buyers in the market & Less sellers in the market

We are seeing a fair amount of "panic selling" with sellers who are wanting to get in on the last months of the sellers market. Although the window of the seller's market is shifting, we are still seeing homes sell quickly if priced right. With all that said, it's a really great time to sell. If you're looking to buy, I'd love to hear about your goals and how long you plan to hold the property to give you my best advice on timing. Reach out anytime if you want to chat about our changing market!