September 2023 Market Trends
** Please note I have changed the way I do these stats – these ones are a glance of just that month with % vs last year this same month
-There were 412 closed homes through the entire MLS for September
-41.9% of the homes that closed were cash sales which was 173 homes
-The majority of the homes that closed were in the price range $400k-$499k – which has been similar in past months
-53 homes sold for over $1 million in September – compared to 59 closed in August
-The price range with the most price changes was the $500k-$599k -which is a higher price range than the previous month
-Sales for the month of September were down 21.3% from the same time last year
-Median sales price of sold homes was $515,000 which is a decrease of $35,000 from the previous month but a 3.0% increase from September 2022 when is was $500,000
-The median days on the market for September was 71 days.
-New construction homes have do have a few more options in Athol, Rathdrum and Post Falls under $400K with some of the builders offering incentives
-For the closed properties for this month-
–10.05% of the closed properties were on the market 0-30 days and those home closed within 100.16% of the original list price
–29.90% of them closed with being on the market for 31-60 days and those homes closed within 96.33% of the original listing price.
–22.30% of them closed with being on the market from 61-90 days and those homes closed within 91.82% of the original listing price.
–15.20% of them closed with being on the market 91-120 days and those homes closed with 90.36% of the original listing price
–22.30% of them closed with them being on the market for 121+ days and those homes closed within 89.48% of the original listing price
— So break down on that for buyers – you don’t have to be in as much of a rush to make an offer on a home but if a home comes on the market under fair market value it will go quickly, on the flip side if it is overpriced it will sit. For a seller– if you price your home right in the beginning chances are an offer may be closer to the list price than if it sits on the market. Also be prepared for your home to be on the market longer and for a buyer to negotiate if not priced at fair market value.
** Information is based on numbers from the CdA MLS and provided by Amanda Kuespert, Phenix Agency, Inc