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MOUNTAIN HOME IDAHO REAL ESTATE MARKET CONDITIONS
(As of 5/9/08 - Updated Every Two Weeks)
Sales Activity and Value Trends The Spring surge is underway with the last two weeks seeing the biggest bump in pending sales in more than six months. Median sales prices for both existing and new homes remain steady as do marketing times.
The six month median sales price for existing homes continues to hover between $150,000-$153,000 while the new home median dropped to $170,000. The continuing fall in the median new home price is primarily the result of a market shift to smaller homes with fewer upgrades and not because builders are significantly lowering their prices on existing inventory.
Inventory Inventory continues to slowly decline but the Spring out-migration has begun in earnest and the number of homes on the market could increase until late May. Demand - indicated by the number of new and pending sales - remains soft but steady. Most local builders remain cautious and a glut of new, unsold homes has been avoided.
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Marketing Time The median marketing time for existing homes remains steady at about 80 days. When looking at marketing times it's important to understand that they vary considerably among price ranges and neighborhoods
Foreclosure Activity A major factor in the difficulties that many markets are currently experiencing is the huge number of foreclosures resulting from subprime and adjustable rate mortgages. As buyers default, lender owned homes are dumped on those markets and a value death spiral begins. Fortunately, the predominate use of VA financing in Mountain Home resulted in few high risk loans being made. I'm currently seeing an average of just over one new foreclosure per week. |
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If you found this information helpful you'll find ME even more so. Please Contact Me for your real estate needs. |
Remember "All Real Estate is Local" and changes in value are based entirely on local market conditions. What's happening in either Sacramento (bad) or Salt Lake (good) is not what you can expect in Mountain Home.
Opportunities Contact me to learn about the best values available in the Mountain Home Idaho real estate market and for general market updates.
Jan DeGiorgio - Associate Broker
Century 21 Southern Idaho Realty
Mountain Home, ID
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