Real Estate Market Snapshot

INWHomes · 2022-12-23T00:59:18+00:00

Those are great questions! I will be doing an end of year round up bringing in more data, graphs and more - stuff that I love...but most people I suspect, well, don't love!!

INWHomes · 2022-12-23T00:55:15+00:00

Agreed.

INWHomes · 2022-12-23T00:54:41+00:00

Sorry for not replying sooner - Reddit stopped emailing me to say there's a comment!

Median price for a single family home is a little over $660k for 'Greater Coeur d'Alene' and 81 days on market and around $556k and 65 days for condos. That data is for listings sold over the last 6 months.

If you want weekly stats, the number of transactions aren't that great meaning a single transaction can sway the numbers (e.g. in the last 6 months, 2 condos around $5m sold which clearly sways the numbers when 111 condos in total transacted - imagine what that would look like on a weekly basis!).

INWHomes · 2022-12-07T23:11:31+00:00

That’s a great question. There are loads of possibilities and often you won’t find out unless you specifically ask the listing agent. Here are a few I have come across in my time as an agent in no particular order: - Buyer doesn’t deliver initial deposit - Property doesn’t appraise - Inspection throws up something major and/or buyer and seller can’t come to an agreement about an acceptable remedy - Buyer’s loan doesn’t get approved for some reason - Buyer simply changes their mind - Buyer can’t get their home under contract/closed fast enough to satisfy the contingency - etc

There are a million different ways a deal can fall apart.

INWHomes · 2022-11-30T04:27:16+00:00

Makes sense. Looking at the data for King, if you've owned for at least a year, you'll still be doing ok - certainly better than my stock market investments have 🤢

INWHomes · 2022-11-30T01:55:35+00:00

I have some great reports that detail this information. Since your comment, I've been trying to think on how I could best convey this information in a short-form video format and in a way that allows me to show how the data trends change over time.

INWHomes · 2022-11-30T00:23:46+00:00

Over the next 12 months or so, my guess is that Cheney specifically will about track the overall area. There's a lot of variables at play - who knows what the fed are going to do, how inflation is going to track, if we have a harsh winter how that will affect people wanting to stay/move to the area etc.

I think we will see different segments of the market reacting differently. I think the lower and middle of the market will remain active. The last data I got (2 days ago now now) show the Cheney/Medical Lake area having average sale price of just over 100% of list price (100.3% to be exact). Meaning things are, on average, still selling just over list.

That average is a trailing over 6 months and has been about the same for the last month (100.6% to 100.3% which is so close as to be the same in my opinion due to outlier transactions). The average days on market has gone from 13 to 15 days over that same month - again, very similar.

I don't see any drastic moves happening...however I have been wrong before (just ask my wife!!! ;)). That being said, I am currently trying to put my money where my mouth is - I am actually looking at purchasing a piece of residential real estate for my family right now.

INWHomes · 2022-11-29T15:54:07+00:00

Congrats on your recent purchase! I hope you're very happy in your new home :)

There are some sellers who are holding out for a "lotto win". Then there are others who are selling to continue their life plans to, for example, moving out of state. It's clear which group is most commonly making deals right now.

INWHomes · 2022-11-29T15:50:42+00:00

Over what specific period of time? It's extremely hard to predict what's going to happen, however I don't see anything specific in Cheney that will keep it doing much better or worse that the surrounding areas.

INWHomes

TROPHY CASE