Listings are Up … What Does it Mean?
Residential Sales:
Residential (excluding waterfront properties) have been a bit of a surprise with sales and prices up over last year. Keep in mind we did have a bit of a dip last year, so the bar has been set a little lower. (The median home price across Idaho as a whole is up over 4% according to Redfin or up 2.6% according to Zillow).
Our market does feel a little bit slower and we have seen many price drops recently, but that is not unexpected as sellers in a second home market like ours often start with a high listing price because they are typically less motivated to sell than those listing their primary residence. That said, the market IS getting more competitive as inventory is up 12.6%. July was a very strong month with sales 25.5% up over last year but median price down almost 5%.
Waterfront Property:
I thought it would be fun to breakout waterfront sales. This included Cascade Lake, Payette Lake, River Ranch, Payette River, etc. Closed sales are exactly the same as last year at 12 units. Median price is down 13.6%.
Lots & Land:
I also broke out lot and land sales separately, as they are following different trends than homes. Earlier this year, lot sales were up in price and closed sales vs 2023. That has really slowed down this summer as interest rates and building costs remain high. As of the end of July, our closed sales are down 12% vs this time last year. (Usually there is a bit of a rush to buy lots in early spring to get a jump on building before the upcoming winter.)
The moral of the story is that if you want to sell your lot for the best price you can, get it on the market by the end of March. It can be handy to have some pictures taken in the summer/fall so when you list in the spring you are not taking pictures of it covered in snow!
- Shane