“Reduced Price” signs are being seen around the nation.
In Bonneville County in September, the number of offers to reduce a price in order to induce a sale tripled over the same month last year – but realtors say don’t let that number fool you.
When it comes to the number of home sales in Eastern Idaho…
Jim Windmiller, Greater Idaho Falls Association of Realtors President: “We’re actually ahead of where we were last year at the same time.”
In Bonneville County in 2006, according to numbers obtained from the Greater Idaho Falls Association of Realtors, from January through October, there were 1,399 homes sold, a $145,000 median price, a $160,664 average home price, total volume sales of $224 million, and an average of 99 days that a home stayed on the market before being sold.
In 2007, January through October, there were 1,429 homes sold, a $157,000 median price, a $177,062 average home price, total volume sales of $253 million, and an average of 99 days that a home stays on the market before being sold.
But the number that could prevent an overall record year in sales is the number of homes sold lately, in September and October – 189 this year, versus almost 100 more in 2006.
Jim Windmiller: “I don’t have the California and Nevada people buying many homes here anymore.”
And Californians and others were the ones buying homes of more than $300,000.
Jim Windmiller: “Their market has come down a lot, so those people are not selling out, moving to Idaho and buying our bigger units.”
But the market of homes under $300,000 is as good as any in the country.
According to Pocatello analysts, Bannock County is still very strong as well.
In 2006, January through October, there were 1,003 homes sold, an average home price of $142,767, and 89 days was the average homes stayed on the market until sold.
In 2007, January through October, there were 1,022 homes sold, an average home price of $152,058, and a 99 day average.
Despite a national mortage meltdown and poor real estate markets elsewhere, we may still pass last year’s strong performance, but it will be close.
Jim Windmiller: “It’s too early to tell, if we don’t set a record we should at least stay consistent to last year.”
Windmiller says another thing that could prevent strong sales over these last few months of this year is weather. He says the last thing people want to do in freezing temperatures is to be outside shopping for a home.
By Andrew Del Greco, kpvi
