Big Picture Trends to Start the New Year

We have been keeping an eye on the 2022 – 2023 trends and knew the market was cooling down, but I wanted to zoom out a bit and take a closer look at what’s happened over the past three years to provide you with a broader perspective.

2021 was probably one of the busiest years in real estate transactions and 2023…was not.

Overall closings (units sold) are down anywhere from 16% to 43%. Median sale price has dropped considerably in the Cascade area but went up in the McCall market. We did have several record sales in McCall which I think inflated our median home price. In 2022, only one Payette Lakefront home sold (Price: $5 million). In 2023, FIVE lakefront comes sold, the highest at $12 million and lowest at $3.5 million.

Here’s a breakdown of the 2021, 2022 and 2023 trends by community:

2024 Outlook:

The outlook for 2024 is optimistic. The Federal Reserve has stated that it intends to lower interest rates and that inflation is getting under wraps. The stock market is on an upswing which generally improves the investors mood.

March and April have been coined “listing season,” so we should have some great properties available this year. If prices stabilize as hoped, it could bring buyers and sellers more inline to create a more balanced market (versus the “seller’s market” we’ve seen this past year).