How is our local Real Estate Market? What can we expect for our market for the rest of the year? WHat are the indicators to watch ?
Windermere’s Chief Economist, Matthew Gardner shares his insights in the Gardner Report.
Following a trend that started last fall, job growth in Idaho continues to moderate. The addition of 18,400 new jobs year-over-year represents an annual growth rate of 2.5%. This is to be expected at this point in the economic cycle, but it’s worth noting that the current rate of job growth remains well above the national average of 1.6%.
In May, the state unemployment rate was 2.8%, marginally lower than the 2.9% rate of a year ago. The state remains at full employment, though it is interesting to note that the employment rate remained below 3% even as the labor force rose 2%, suggesting that the economy remains very robust as there are still job openings to accommodate new workers.
How does Idaho compare nationally and what can we expect for the rest of this year?
If you are wondering about the market, you are at the right spot! Because we spend a lot of time digging into the information that will give good insight into our market and how it may effect Real Estate we thought you would find this interesting too!
Did you know Idaho continues to outperform the nation in terms of economic vitality and will continue to do so for the balance of the year?
Also our job growth rate continues to remain moderate. And unemployment remains incredibly low….
All great pieces of information and good news to us! Want to dig into the information a little deeper and find out more about housing. How we are performing in relationship to last year and the counties who are showing growth?
Take a look at what Windermere’s Chief Economist has to say about Idaho. Matthew Gardner shares a lot of great information about our state, here in the Gardner Report.
Maybe Winder is the best time for you to consider selling?
With Demand remaining high in our area combined with low inventory which continues to drop, this winter might just be a great combination of factors making it an ideal time for you to sell.
A balanced market will sit at six months of inventory. Less than six months of inventory and you start heading into a sellers market. Lower the inventory the greater the sellers market. In Kootenai County, our inventory sits at less than 3 months in most price sectors. A large number of price sectors are sitting at just one month. Low inventory with high demand will increase market values and your list price. Interest rates continue to remain low which continues to create a tremendous amount of buyers.
Winter is often thought a difficult time to sell, but in this buying climate it creates a perfect storm for selling! In the winter months there is even less competition and this increases demand even further. Buyers out looking in the cold and snow are much more serious buyers too!
If you are interested in knowing more about the inventory levels in your neighborhood or more about our market and in determining your next step, let’s connect, we would love to assist in keeping you up on the market.
Let’s Make Awesome Happen
John and Tracey Tindall
Windermere, Coeur d’Alene Realty
If you’re like me, when you started the buying process you might have wondered why some houses are so outrageously priced and others are not. There are many factors that come in to play such as mortgage rates and availability, economic growth and personal demographics. But when prospective buyers are shopping their market, the one factor they may overlook is inventory shortage.
Real estate inventory is the quantity of houses that are available for purchase in any given market. When I’m out showing people properties, clients always amazed at how few mid-range homes there are. Clients also can’t believe how quickly they go.
The only time that inventory is a problem for home buyers is when the inventory is low. Basic economics. High demand and low supply yields high price tags for buyers. However, if you’re looking to sell, this is great news for you. The fewer homes available, the higher the price tag on your home.
In our current market in the Pacific Northwest, there has been an inventory shortage for several years. Due to the shortage, people are staying in their homes longer and moving less. Contractors are also in a bind because of the inventory shortages are causing prices to shoot through the room. Contractors don’t get paid for homes that sell for less than their cost for production, making them less inclined to build for fear of not making a profit.
In this quick video Matthew Gardner, Windermere’s chief Economist, breaks down the inventory shortage and it’s side effects. He also gives us a forecast for what might be to come.
Summertime in North Idaho and our market remains Healthy!
Have any questions about buying or selling? Wondering if its the right time for you? Contact us and lets discuss it and let us provide you all the information you need to make an informed decision to move forward or to wait. We are here to help!
Your Professional Agents
208-818-2365 John email@example.com
208-818-2456 Tracey firstname.lastname@example.org
Election season is here. Will this next election have an impact on our real estate market? Here is what Windermere’s Chief Economist, Matthew Gardner, has to say about this subject.
Here in North Idaho we are enjoying a very healthy real estate market and we all want to see this continue. I know we all have our candidate and beliefs about who should be in office and what they can accomplish – I am no different. I do believe once we have a new president elect in office and things settle in, we will be back on track, no matter who is elected… my candiate or yours 🙂
Our market is healthy here in North Idaho and if you are looking for homes in certain price ranges, the fatigue is real! The competition is fierce. So many buyers competing for a small number of homes not only stressful but exhausting. Finding the right home and ready to make an offer just to find out another offer or two are accepted before you can even get yours submitted. Making several offers just to be edged out and having to start from ground zero. Is this you?
How can you get ahead in this market and go from making offers to getting yours accepted? A professional fulll time and strategic agent is how! Well-trained, battle ready and ready to compete for you! An agent who understands this market and has a proven strategy for your success.
Going it alone? Not finding success with what you have been trying… its time for a change. You need a plan for success and we have one! We have successfully found our buyers homes within the first week or less. We know about homes before they are listed and have strategies that are success proven. Have questions, let's connect.
New Home Sales Surge Past Post Recession High!
Sales of new single-family homes climbed 16.6 percent in April, reaching the highest sales pace since January 2008, the Commerce Department reported this week. Newly built, single-family homes rose to a seasonally adjusted annual rate of 619,000 units in April. Read more…
North Idaho's market is healthy with residential sales at a 12% increase over April. **
Housing Market Index : National Association of Home Builders
**Source: Pioneer Title
Ever wonder why our inventory is so low?
Here is an explaination from Matthew Gardner, Chief Economist for Windermere Real Estate.
Here in Kootenai County we have an inventory shortage, however, our market is fairing better than many other states across the US. Most all segments of our market are performing well and most homeowners who bought at the top of the market are now in an equity position.
If you are on the fence about selling, now is a great time! Abunance of buyers, low rates, inventory shortage; all increase your odds of selling!