Stats_November_2021

Market Update

NOVEMBER 2021

ShowingTime’s Monthly Index

Starting To Level Off 283.8 280.7

235.8 240.8 236.1

190.5 200 199.2 205.3
190
184.7 182.3 178.1 175.5

160.4 166.2
152.5
156.2 156
128.4

84.9

January F M A M J J A S O N D January F M A M J J AS

2020 2021

ShowingTime

“Right now, we forecast mortgage rates
to average 3.3 percent in 2022, which,
though slightly higher than 2020 and
2021, by historical standards remains
extremely low and supportive of
mortgage demand and affordability.”

Doug Duncan

Senior VP & Chief Economist, Fannie Mae





Home Price Forecasts 2022

7.4%
7.0%

5.2% 5.1% 5.1% Average of All Forecasts

3.0% 2.8%

Fannie Mae Freddie Mac MBA HPES Zelman NAR

Residential Snap Shot
January 1st, 2021- October 31st, 2021

Area 01 CdA Area 02 Post Falls Area 03 Hayden

Active Listings 1,410 Active Listings 1,384 Active Listings 753
Homes Sold/Closed YTD 1,129 Homes Sold/Closed YTD 1,140 Homes Sold/Closed YTD 584
Avg Days on Market Avg Days on Market Avg Days on Market
Median Sales Price 72 Median Sales Price 74 Median Sales Price 72
Avg Sales Price $502,000 Avg Sales Price $440,000 Avg Sales Price $561,000
SP/OLP $583,000 SP/OLP $496,000 SP/OLP $704,000

99% 101% 96%

Area 04 Rathdrum/Twin Lakes Area 04a Hauser Lake Area 05 Athol/Spirit Lake NW Kootenai Co

Active Listings 647 Active Listings 93 Active Listings 234
Homes Sold/Closed YTD 549 Homes Sold/Closed YTD 49 Homes Sold/Closed YTD 185
Avg Days on Market 108 Avg Days on Market 94 Avg Days on Market
Median Sales Price $445,000 Median Sales Price $696,000 Median Sales Price 82
Avg Sales Price $511,000 Avg Sales Price $663,000 Avg Sales Price $485,000
SP/OLP 100% SP/OLP 100% SP/OLP $533,000

99%

Area Athol/Bayview 06 NE Kootenai Co Area 12 Silver Valley Area All Kootenai Co

Active Listings 95 Active Listings 393 Active Listings 4,956
Homes Sold/Closed YTD 60 Homes Sold/Closed YTD 311 Homes Sold/Closed YTD 3,923
Avg Days on Market 62 Avg Days on Market Avg Days on Market
Median Sales Price $612,000 Median Sales Price 64 Median Sales Price 79
Avg Sales Price $657,000 Avg Sales Price $245,000 Avg Sales Price $489,000
SP/OLP 96% SP/OLP $255,000 SP/OLP $628,000

96% 99 %

*Data provided by Cda MLS

All MLS Residential

All MLS Residential

Single Family Kootenai County

Single Family Kootenai County











What are lumber and building supply prices doing?



What happened with …

The real estate site went into the business of
buying and selling homes.
But the pandemic messed up its predictions.

 The premise of Zillow’s iBuying business was being able to
forecast the price of homes accurately three to six months in
advance. That reflected the time to fix and sell homes Zillow had
bought.

 Nine in 10 homes Zillow bought were put up for sale at a lower
price than the company originally bought them, according to an
October 2021 analysis

How to Thrive in this competitive market

E-Buyers
Zestimates
Algorithims,
Cash Only offering quick close
Direct Texting to Sellers…..

Thriving in the future will be all about having a clear value proposition.

What is your value proposition?

 Are you prepared to show the consumer how much trust and
expertise is actually worth?

 How it can help them sell their home at a higher price and buy
at a lower one?

What the experts say…

 The residential real estate market will continue to cool off over the next
three years, so don't count on selling quite as easily as it has been in the
hot market the last few years.

 The Fed will be forced to raise rates as inflation continues to go up,
which will make housing less affordable.

 So bottom line, conserve cash and be prepared for the market
slowdown.

Local Talking Points….

Average Single Family homes in Kootenai County home values are up 33% compared to this time last year

And are down 16% from this time last month

 M.O.I. for Single Family Kootenai County is down 63% from this time last year @ 1 MOI
 Homes for sale are up 8% from last year this time

 But are down 20% from last month

 OLP/SP is down 3% from this time last year