The uniqueness of the Southern Idaho Real Estate market is shown by the attached analysis we just received for year to date 1 December, 2007: Link
You will note under “Average % of Asking Price” the range by County is 100% to 89% for the year to date 10/1/2007 compared to 98% to 96% for 2006.
As for the home sales volume (new and existing) the numbers have reduced from 14 % to 83% from the previous year. The 83% represents Lincoln County which is a very small volume county and 1 or 2 sales can have a dramatic effect.
The dollar volume for all 4 counties shows a reduction across the board which is expected with the unit reduction in sales.
Where it gets interesting is the “Average Price as Listed by IMLS(Intermountain Multiple Listing Service)” with increases in three of the four counties. Twin Falls County, which is the magnet for business and shopping, is showing a positive appreciation of 11%. The “Median Sold Price as Listed by IMLS” is also showing a positive for three of the four counties.
To a relocator or buyer, this would mean those properties which were listed properly were selling close to the asking price as indicated by “Average % of Asking Price” data we referred to above and the sale prices which are actually above those from the previous year.
It is taking longer to sell with the “days on the market” increasing substantially. This shows the market has become a “buyers market” with the number of out of State buyers substantially reduced.
I will be discussing our mortgage market in this area with Mr. Aaron Miller with the Real Estate Division of Banner Bank on the pod cast with the link below.
Because the Southern Idaho Real Estate market is so small in comparison to our neighbor markets of Nevada, Arizona and California, we have not seen the escalation of prices. We will not see the dramatic drop in real estate prices as seen in these other high end markets.
Considering the projections by so called “Market Specialists” it may behoove those who are looking at the Idaho real estate market to research their current market. Then price their property accordingly to sell as getting 80% of the previous market today is much better than getting 60% of the market a year from now. In the mean time the Idaho market (if that is where you intend on moving) should be appreciating over the same period of time. (Just not as it was in the previous years.)
With the mortgage market currently (as of 12/3/2007) loaning at a respectable 5.625% - 6.00% for 30 year fixed mortgage, the prudent move may be to sell the property out of State and purchase in the State of Idaho.
Tuesday, October 23, 2007
Things to consider when moving to Idaho
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