The July stats are finally out for Kootenai County! Here’s what they mean for buyers and sellers.
Hi everyone, it’s Adriana Pickard up here in beautiful Coeur d'Alene. And today I wanted to bring you a market update.
I'm going to do the general Kootenai County market stat, but if you guys have questions about your particular zip code or a hyperlocal market, don't hesitate to reach out on that. But here in Kootenai County, we are seeing definitely a shift in our marketplace, especially since 2020, 2021 and 2022.
So, year-over-year we've seen our Average Days on Market —that's gone up 31%. So homes are sitting on the market a little bit more. So sellers, what does this mean for you? We have to really patient when listing your home.
So as our month of inventory increases, buyers, what's this mean for you is we are seeing that you're getting a little bit better deals on the properties; and you're also able to negotiate a little bit more.
The other important stat that I want to bring to your attention is our Average Price, Those prices have gone down 9.6% year-over-year. So again, something that is coming out of my mouth, a lot more frequently than I would love to see is sellers, it’s all about pricing and patience. I've just had this conversation with the seller yesterday, and it really does come down to pricing it correctly. We can't say, name your crazy price anymore — those days have definitely gone past us. But holes are still selling and you guys are still sitting on a tremendous amount of equity if you bought 4-5 years ago or more.
So buyers, what does all of this mean to you guys? I know that you have seen that interest rates have gone up. We're now just right around 7 1/4 percent. For every one percent those interest rates goes up, buyers lose 10% in purchasing power. And this is where we're seeing a really dramatic shift in our marketplace —it’s those interest rates. So what do I think? When are we gonna see everything start to kind of level off? I think it's when we see those interest rates tuck right back down under 6% …I think that we're gonna start to see a little bit more activity, if you will, in our marketplace.
So again, sellers, pricing and patients, buyers, I understand these rates are a little bit higher than we'd anticipate, but you can only negotiate the price on your property 1 time. You can, down the road, and I don't know …you don’t always wanna hear it, you can always renegotiate that interest rate.
If you guys have any questions here about the marketplace, about your hyperlocal area, don't hesitate to reach out.
Or if you just want to chat, I'm here too!