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.
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