Each month we have statistical reports generated for real estate in the Treasure Valley. Each month we analyze those statistics, create reports and draw conclusions based on those numbers. We compare this month to last month, and this year to last year, we make comparisons, and we draw conclusions. But what is the story we want to tell? Is it price increases or inventory levels? Is it the number of sales? The answer is YES to all of those questions! We use these numbers to identify trends and often we interpret them towards the future. It has been said that the best indicator of the future is the past. So we look back to the past so that we can look forward to the future.
We can see that in Ada County inventory is up from last month by 10% and nearly double the levels from February 2021. Great news! In Canyon County inventory is actually down from last month by about 17% but is again nearly double from this time last year. Our story might be that inventory is headed in the right direction over the last year in the Treasure Valley, and although improving, supply and demand are still large factors in the market.
In other statistical categories the numbers are similar and steady over the last year; sales, pending sales. Prices continue to rise at a steady pace as well. In Ada County prices have risen year over year by 25% and in Canyon County by 30%. We have seen numbers like these before. If the past is the best indicator of the future, will we see these numbers again? We now have a war in Europe affecting the safety and security of the rest of the world. We have higher than usual inflation impacting interest rates. There are many factors changing our world every day, month over month, and year over year.
So, what is the story we want to tell, based on current and relevant real estate statistics and considering the influences of real life? The real estate market in the Treasure Valley is strong! The numbers tell the story!