Analyzing the Real Estate Market of Pocatello, ID
The latest market report for Pocatello, ID reveals a stable real estate environment with the median list price for single-family homes at $425,000, holding steady from last month. The Market Action Index (MAI) is at 39, indicating a slight seller's advantage, with a slight increase in inventory to 153 properties.
A closer look at the details:
Median Price of New Listings: $313,500
Price per Square Foot: $187
Average Days on Market: 93 days, with the median at 49 days
Price Decrease: 27% of listings, signaling some negotiation room for buyers
Price Increase: A modest 2%, reflecting a mostly stable pricing trend
Relisted Properties: 11% of total inventory
Median Rent: $1,199, which might interest investors
The MAI reflects a balance between sales and inventory, leaning towards a seller's market but without significant movement in list prices recently.
Breaking down by market segments, each representing about 25% of the market ordered by price:
High-end: Median Price at $785,000 for spacious 5 bed, 3 bath homes, with larger lots (1 - 2.5 acres) and newer builds averaging 12 years old.
Mid-range: Median Price at $517,450 for homes with around 3,022 sq. ft. and moderately sized lots (0.25 - 0.5 acre).
Lower-mid range: Median Price at $361,000 for homes, likely more aged, averaging 56 years old, with 4 beds and 2 baths.
Entry-level: Median Price at $255,000 for smaller, older homes (average 78 years old) on very large lots (6,500 - 8,000 sqft), likely reflecting the value in land or potential for redevelopment.
The Days on Market (DOM) for these segments range from 28 days for entry-level homes to 94 days for the high-end segment, suggesting quicker sales for more affordable properties.
In summary, Pocatello's market is moderately active with opportunities for buyers in different segments, and consistent prices providing a stable landscape for both buyers and sellers.