October 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 406 closed homes through the entire MLS for October
-35% of the homes that closed were cash sales which was 142 homes
-The majority of the homes that closed were in the price range $400k-$499k – which has been similar in past months
-49 homes sold for over $1 million in October – compared to 53 closed in September
-The price range with the most price changes was the $400k-$499k -which is a lower price range than the previous month
-Sales for the month of October was only down 2.64% from the same time last year
-Median sales price of sold homes was $530,000 which is a increase of $15,000 from the previous month but a 1.0% increase from October 2022 when is was $525,000
-The median days on the market for October was 77 days.
-For New construction homes there are 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-
–10.97% of the closed properties were on the market 0-30 days and those home closed within 97.36% of the original list price
–24.49% of them closed after being on the market for 31-60 days and those homes closed within 94.82% of the original listing price.
–20.92% of them closed with being on the market from 61-90 days and those homes closed within 91.51% of the original listing price.
–14.29% of them closed with being on the market 91-120 days and those homes closed with 88.96% of the original listing price
–29.34% of them closed with them being on the market for 121+ days and those homes closed within 92.20% 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 and if you are looking to find a deal look for homes that have been on the market for 3-4 months. 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. We are seeing a lot more homes come back on the market -either due to inspection contingencies, homes sale contingencies and financing contingencies.