How is the Market?

2023 was an interesting year.  Insecurity in the Economy driven by wars and interest rates impacted buyer activity.  Like most of the Country, our inventory in Idaho and Wyoming was low.  Overall, it was 13% lower than 2022.  At the same time, demand remained strong and sales volume overall was up over 20%.  Despite these positive numbers, in the daily trenches we are seeing time on market grow and a softening of list prices.    The biggest slow down appears to be in the areas south of Jackson.  While the market has given a little back to buyers in terms of current list prices, our average price is still up significantly.

What does this mean for you?  As a buyer, the prices now may be as good as it gets.  If you’ve been waiting for the price to drop out of the market, you might be better served making an offer and appealing to a current seller’s sense of urgency.  As a seller, be sure your property is priced correctly.  If your property has been listed over 6 months or if you’ve received multiple “low” offers, the market may be rejecting your price.