Wow!  There is sure a lot going on in the World and I would think it would have more of an impact on our local market than it does.  Truth be told, our market has always been hard to read “in the moment”.  The reason is that we have fewer data points than other markets so looking back at the data as a whole is more informative.  We are also a seasonal market.  While our seasonality isn’t as strict as it use to be, we still see less activity in the winter/ off-seasons than in the crazy days of summer.  This time of year, inventory is always limited as most folks are waiting for their grass to green up before putting their properties on the market.

For the buyer who can see green in the brown, this presents an opportunity to potentially get the best pricing.  Typically, when new listings come on in the Spring they do so at elevated prices.  Despite war, higher oil prices, crazy weather and a lack-luster ski season, all indications are that we will have another busy summer real estate season.

Today according to Alliance Title, the median list price is $1,295,000. New listings however are already notably higher at a median level of $1,733,000.  Call me today and I can give you more insights.

Sarah

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.