For those of us in the real estate industry, August and September seemed quite slow. But it’s a different kind of slow than a year ago.
Comparing just the month of September from 2023 to 2024, you’ll see that last year was slow, with low inventory. This year, properties are slow to move, but there are a lot of them.
Combining the McCall, Donnelly, and Cascade data overall, closed sales are down 25%. New listings are up 8% and inventory is up 9%. The average listed property is spending 110 days on the market.
I’ve broken out the specific stats for each of the Valley County communities below. (Note: There was not enough data coming out of Meadows Valley to include them in this comparison).
Data from the Treasure Valley mirror what the market is doing in Valley County. Speculation is that buyers are waiting for interest rates to drop, which the Federal Reserve did but mortgage rates have remained steady around 6.25 – 6.4 percent.
We are also approaching the height of election season, which seems to bring a little hesitation when it comes to buying. The market is still shifting a little more towards the buyers, with sellers receiving just 96% of their average list prices.
We currently have nine months supply of inventory (versus 5-6 months supply in a “normal” market). If this number continues to grow we may see more reductions in price.