Update Market stats for August 2022 for the North Idaho real estate market.
A few takeaways that I am seeing for the month of August.
– We had a few new construction homes being listed under $400,000 we haven’t seen that in a few years.
– We continue to see buyers being able to negotiate their contingencies including home inspections, repairs, closing cost and home sale contingencies
– Homes are sitting on the market longer
– Sellers are having more price reductions than before
– Sellers are looking at all loan options (if the home will pass) and even some seller financing in some cases
– There were 490 homes that closed for the month of August with 164 (33.5%) being cash
– $800,000- $999,999 is a balanced market with the current months of inventory
– Anything over $1,000,000 is now a buyers market
– There are a few other price ranges that are a balanced market or buyers market but only due to the condition of the homes that are sold in that price range
-If you have any real estate questions about the market in North Idaho- feel free to reach out any time. Amanda Kuespert- Phenix Agency, Inc 208-755-6551