GEM COUNTY HOUSING MARKET UPDATE

There were 32 homes that sold in January 2022, an increase of 28.0% compared to January 2021. Of those, 26 were existing sales while six were new construction.

Inventory was also up 221.1% compared to January 2021, and there were 61 homes available for purchase at the end of the month. While that triple digit increase may seem impressive, it’s worth noting that Gem County experienced a record low in inventory a year ago, with only 19 homes available for purchase at the end of January 2021.

Inventory is still low compared to buyer demand. This lack of supply compared to demand is driving up the median sales price, which reached $392,500 in January, 20.7% higher than a year ago.

Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends.

Looking at sales data by price range provides additional context to higher prices. Since 2019, the largest share of home sales occurred in the $250,000–499,999 price range. As prices rose, this share began to decline in December 2020 and dropped to 28.0% of all sales in January 2022. At 44.4% last month, the largest share of sales was in the $500,000-749,999 price range.

Source: https://www.boirealtors.com/january-2022-market-report

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