March '23 Market Report

National home sale data as posted by the National Association of Realtors is showing pending home sales up just under 1% as home sales grew in February for the 3rd consecutive month. Existing home sales were up 14.5% in February, representing the largest monthly percentage increase since July of 2020. The local market seems to be following these trends with monthly comparisons showing lending and dollar volume up 23%, and 30% respectively in the Teton Valley, Idaho market.

The banking crisis seems to have created some temporary relief with interest rates seeming to stabilize, creating some opportunity to help boost those gains. Favorable inflation in employment news has also helped keep confidence in the market.

Months' supply of inventory in the Teton Valley market has reduced as well, but that data is slightly skewed as several projects (mostly townhouse projects) have multiple unadvertised units available.

The Spring months are expected to bring additional inventory on the residential side, as well as the normal influx of land listings as the snow begins to clear.