Market Update September 2023
Most agents know what’s happening. Good agents understand what’s happening. Windermere agents can explain what’s happening.
Source: NAR Today’s Homeowners Are Staying in Their Houses for an Average of 9+ Years 5 6 6 6 6 6 7 6 6 6 6 6 6 6 7 8 9 9 9 10 9 10 10 9 10 10 8 10 1985 1987 1989 1991 1993 1995 1997 2000 2002 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1985-2009 Average Tenure was 6.1 Years 2010-2022 Average Tenure was 9.3 Years
Source: FHFA 26.0% 44.7% 20.3% 5.3% 3.7% ≤ 3% 3.01-4% 4.01-5% 5.01-6% > 6% 70.7% of Mortgage Rates Less Than 4% Current FHFA Loans with Mortgage Rate at Time of Origination
200,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000 600,000 650,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 2018 2019 2020 2021 2022 2023 Source: Realtor.com New Listings Tick Up This Month New Monthly Listing Counts August 2023 387,076 -7.5% Y-O-Y
The CoreLogic HPI Forecast
Source: USA Today, Lance Lambert 2023 Year End Home Price Forecasts 12/2022 vs. Current Forecast Entity Original Forecast Current Forecast MBA -0.6% 0.0% Fannie Mae -1.5% 3.9% Morgan Stanley -4% 0.0% AEI -15 to -20% 6% Zillow -0.7% 5.5% Wells Fargo -5.5% 2.2% Goldman Sachs -5 to 10% 1.8% Home Price Expectation Survey -2.04% 3.32%
Source: Fannie Mae Consumer Confidence in Home Prices Weakened Toward the End of 2022 18% 17% 11% 9% 8% 8% 11% 6% 14% 10% 16% 19% 37% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 % of Americans in Each December Who Think Prices Will Go Down over Next 12 Months
*Data provided by Cda MLS Residential Snap Shot January 1st, 2023- August 31st , 2023 Area 01 CdA Active Listings 1,197 Homes Sold/Closed YTD 582 Avg Days on Market 75 Median Sales Price $540,000 Avg Sales Price $627,000 SP/OLP 95% Area 02 Post Falls Active Listings 1,083 Homes Sold/Closed YTD 603 Avg Days on Market 85 Median Sales Price $472,000 Avg Sales Price $564,000 SP/OLP 96% Area 03 Hayden Active Listings 615 Homes Sold/Closed YTD 295 Avg Days on Market 79 Median Sales Price $605,000 Avg Sales Price $752,000 SP/OLP 95% Area 04 Rathdrum/Twin Lakes Active Listings 723 Homes Sold/Closed YTD 302 Avg Days on Market 109 Median Sales Price $494,000 Avg Sales Price $593,000 SP/OLP 98% Area 04a Hauser Lake Active Listings 84 Homes Sold/Closed YTD 44 Avg Days on Market 113 Median Sales Price $837,000 Avg Sales Price $716,000 SP/OLP 96% Area 05 Athol/Spirit Lake NW Kootenai Co Active Listings 179 Homes Sold/Closed YTD 75 Avg Days on Market 70 Median Sales Price $529,000 Avg Sales Price $617,000 SP/OLP 96% Area Athol/Bayview 06 NE Kootenai Co Active Listings 109 Homes Sold/Closed YTD 50 Avg Days on Market 132 Median Sales Price $724,000 Avg Sales Price $742,000 SP/OLP 95% Area 12 Silver Valley Active Listings 322 Homes Sold/Closed YTD 161 Avg Days on Market 85 Median Sales Price $300,000 Avg Sales Price $318,000 SP/OLP 94% Area All Kootenai Co Active Listings 4,347 Homes Sold/Closed YTD 2,030 Avg Days on Market 87 Median Sales Price $530,000 Avg Sales Price $676,000 SP/OLP 95%
341 324 461 435 586 617 396 691 585 590 344 266 199 249 346 313 390 467 444 442 Jan Feb March April May June July Aug Sept Oct Nov Dec 2018 Sold 2019 Sold2 2020 Sold 2021 Sold2 2022 Sold 2023 Sold2 Residential Sales Comparison Year over Year All MLS *Data provided by CDA MLS
Cd’A, PF, Hayden, Rathdrum Site Built < 2Ac Cd’A, PF, Hayden, Rathdrum Site Built < 2Ac
Cd’A, PF, Hayden, Rathdrum Site Built < 2Ac
Cd’A, PF, Hayden, Rathdrum Site Built < 2Ac
$527K $537K $593K $604K Cd’A, PF, Hayden, Rathdrum Site Built < 2Ac
KOOTENAI SINGLE FAMILY NEW LISTINGS BY WEEK 149 138 148 118 103 103 98 99 116 88 79 45053 45060 45067 45074 45081 45088 45095 45102 45109 45116 45123 45130 45137 45144 45151 45158 45165 45172 *Data Provided by TrendGraphix
KOOTENAI SINGLE FAMILY PENDING BY WEEK 69 65 66 88 81 68 69 58 70 81 58 49 71 54 64 55 9-APR 16-APR 23-APR 30-APR 7-MAY 14-MAY 21-MAY 28-MAY 4-JUN 11-JUN 18-JUN 25-JUN 2-JUL 9-JUL 16-JUL 23-JUL 30-JUL 6-AUG 13-AUG 20-AUG 27-AUG 3-SEP Pending Sales *Data Provided by TrendGraphix
KOOTENAI SINGLE FAMILY MEDIAN SOLD VALUE BY WEEK 565,000 555,000 645,000 543,000 565,000554,000 541,000 570,000 646,000 538,000 571,000 550,000 513,000 599,000 2-APR 9-APR 16-APR 23-APR 30-APR 7-MAY 14-MAY 21-MAY 28-MAY 4-JUN 11-JUN 18-JUN 25-JUN 2-JUL 9-JUL 16-JUL 23-JUL 30-JUL 6-AUG 13-AUG 20-AUG 27-AUG 3-SEP Median Sold $
KOOTENAI SINGLE FAMILY AVERAGE SOLD VALUE BY WEEK 707,000 630,000 742,000 815,000 803,000 672,000 738,000 826,000 807,000 637,000 669,000 763,000 627,000 833,000 715,000 2-APR 9-APR 16-APR 23-APR 30-APR 7-MAY 14-MAY 21-MAY 28-MAY 4-JUN 11-JUN 18-JUN 25-JUN 2-JUL 9-JUL 16-JUL 23-JUL 30-JUL 6-AUG 13-AUG 20-AUG 27-AUG 3-SEP Average Sold $ *Data Provided by TrendGraphix
ALL MLS
ALL MLS SINGLE FAMILY AVERAGE SOLD VALUE BY WEEK 670,000 723,000 731,000 800,000 626,000 649,000 731,000 797,000 683,000 759,000 636,000 772,000 784,000 661,000 2-APR 9-APR 16-APR 23-APR 30-APR 7-MAY 14-MAY 21-MAY 28-MAY 4-JUN 11-JUN 18-JUN 25-JUN 2-JUL 9-JUL 16-JUL 23-JUL 30-JUL 6-AUG 13-AUG 20-AUG 27-AUG 3-SEP Average Sold $ *Data Provided by TrendGraphix
ALL MLS SINGLE FAMILY MEDIAN SOLD VALUE BY WEEK 557,000 550,000 525,000 28-Apr542,000 541,000 522,000 640,000 552,000 577,000 598,000 565,000 2-APR 9-APR 16-APR 23-APR 30-APR 7-MAY 14-MAY 21-MAY 28-MAY 4-JUN 11-JUN 18-JUN 25-JUN 2-JUL 9-JUL 16-JUL 23-JUL 30-JUL 6-AUG 13-AUG 20-AUG 27-AUG 3-SEP Median Sold $
TALKING POINTS New listing inventory is starting to slow down earlier than normal Expect to see buyers and sellers making slower than normal moves based on market conditions The next few months will set the tone for the upcoming Winter months Plan accordingly- save – invest in your self and your business by upgrading your tools Get Involved now It’s Going to be OK!