Lemhi County Market Update - May 2024
Housing Market Updates June 17, 2024
Housing Market Updates June 17, 2024
If you are wondering how the market is performing here in Lemhi County...Take a look at the attached images. In May, home sales were a bit lower as far as closed transactions, but look at how many transactions are under contract and waiting to close - 15 transactions for homes! Plus 15 new listings! We usually don't see that much activity until later in July and August. So why didn't we have more closed transactions? My belief is that this is due to many of the transactions being under contract with contingencies. Many buyers need to sell their current homes in order to purchase their new homes. I am seeing this being more popular this year, than in previous. In previous years, we were in a seller's market which forced buyers to sell their homes ahead of time to make their offers more competitive. Now, however, we are in a buyer's market which gives buyer's more options.
The list to sales ration did also lower, but this and the heightened average sales price was due to a large luxury property that closed this month driving the averages off. Interest rates are still hovering around the mid 6.5s to just below 7%. It’s my belief that we will see them hover around this are for the next 12-18 months without any large change.
If you are wondering if the market is stable, is it a good time to buy or sale, the answer will be... what is your motivation for buying or selling. It really dives down into what your personal circumstances are. Do I recommend waiting to buy if you are able to buy right now...NO. You will miss out on growing equity.
Is it a good time to sell, yes. While we may not be in a seller's market anymore. It is still a good time to sell. You just need to make sure you price your home competitively. Also, the better condition your home is in, the quicker and better price you will get.
Give a member on our team a call if you would like to discuss your options further:
Janalee Fowler: 208-277-5618
Rachel Ryan: 208-891-7527
Susan Jensen: 208-993-1473
Ashley Strohmeyer: 208-739-6051
Heather Pitcher: 208-449-2024
Jessica Santos: 208-940-1833
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Every member on our team is dedicated to helping you find your dream home and assisting with any selling needs you may have. We are committed to dive deep into all of the nitty gritty property details. We have been known to put on our rubber boots, get out the metal detectors and walk property lines in search of survey pins, pull water rights, and even help arrange estate clean outs. Contact us today to start your home searching journey!