The Real Estate market news continues its broken record playback, interest rates creeping up which causes sales volume to slow, while lack of inventory continues to bolster home prices. While lending volume is down approximately 24% compared to the same time last year (reporting data, October 20th, 2023), dollar volume is up around 56% compared with the same time frame. While large individual sales often skew the average data on "average" statistics, overall lender volume has remained slow over the past quarter by comparison. Lenders continue to find creative options for financing with rate buydowns, structured rate increases and variable rate options and while Sellers may continue to see prices remain stable, they do seem to be offering concessions and driving bargains to bring sales together.
Residential
The past 90 days produced a yield of 77 Residential sales with an average Sold Price of a whopping $1,156,915 while the median came in much lower at $815,000, hence the comment above. The sold/list price ratio was just over 97%, but the sold/original list price ratio was much lower at almost 94%, signaling Sellers are making price reductions in addition to concessions, but usually not more than 10% of the list price.
Land
The same time period of 90 days from the date of this article produced a strong 91 land sales, with Fall often being the strongest season for closings after the busy Summer Season contracts. The average sold price was $357,344, with the Median at $255,000. The sold/list price ratio was 93.77% of the disclosed sales.
Date of Article: October 21st, 2023
***Lender & YOY Data Provided Teton Board of Realtors, Teton County, Idaho.
***Residential and Land Statistics provided by Teton Board of Realtors, Teton County, Idaho & Alta, Wyoming.