Idaho Real Estate Market Report

admin — Fri, 18 Jan 2008 06:54:40 +0000

There’s no doubt that you’ve heard over and over again that the national real estate market is currently struggling. This is something that I personally can’t deny. It’s true that the overall U.S. market looks grim. However, I want you to step back from the “sky is falling” talk and really see what’s happening with the Idaho Falls real estate market. I don’t want to just stop there though. There are numerous other communities in southeast Idaho that have interesting things occurring to their market. Let’s also take a closer look at many of the other communities in southeast Idaho including Island Park real estate, Rigby homes, Shelley homes, and Rexburg homes. Once you do, you might be surprised at what you’ll find.

To better assist you in finding accurate information, I’ll be grouping the statistics by county. If you would like, you can quickly scroll down and just view the area that interests you most.

Bonneville County

Most people would probably tell you that the market in Idaho Falls, Ammon, Ririe, and Swan Valley had a horrible year in 2007.Â You might be surprised to find out that this isn’t necessarily true. There are definitely a few trends that could be considered negative, but overall things looked good.

In 2006 the median sold price for a single family home was $144,900 and the average was $161,742. In 2007 the median price rose 9.0% to $157,950 and the average rose 10.4% to $178,585. In addition, the average number of days on the market for a house that sold in 2006 was 94, while in 2007 it dropped to 85. These are all good trends for the current home owner looking to sell their property, especially when you consider that there are many regions of the U.S. where real estate values are declining.

Now let’s look at the number of homes sold. In 2006 there were 1,986 new single family listings with 1,692 homes that were sold. In 2007 there were 2,456 new single family listings and 1,678 that were sold. This means that there were significantly more houses listed for sale in 2007 but fewer actually sold. This leaves an enormous amount of inventory still on the market which is definitely a negative for the home owner looking to sell their home in the future. However, it’s important to point out that this is a huge positive for any buyers. They have a large supply of homes to look at with very little competition. This very well could mean that prices begin to drop in 2008.

Jefferson County

The biggest community in Jefferson County is the town of Rigby. This area has been really booming the last few years and has seen price increases that have been significantly higher than all of the other surrounding counties. Over the last year this has still remained true, but Jefferson County had very similar results to Bonneville County.

In 2006 the median sold price for a single family home was $164,950 and the average was $173,080. In 2007 the median price rose 12.3% to $185,300 and the average rose 11.8% to $193,589. In addition, the average number of days on the market for a house that sold in 2006 was 117, while in 2007 it dropped to 99. These are all good trends for the current home owner looking to sell their property, especially when you consider that there are many regions of the U.S. where real estate values are declining.

Now let’s look at the number of homes sold. In 2006 there were 407 new single family listings with 332 homes that were sold. In 2007 there were 578 new single family listings and 311 that were sold. This means that there were significantly more houses listed for sale in 2007 but fewer actually sold. This leaves an enormous amount of inventory still on the market which is definitely a negative for the home owner looking to sell their home in the future. However, it’s important to point out that this is a huge positive for any buyers. They have a large supply of homes to look at with very little competition. This very well could mean that prices begin to drop in 2008.

Fremont County

The most active real estate market in Fremont County is Island Park. This area is normally considered a recreational property community which potentially puts different constraints on the real estate market for this area. However, over the last year, Fremont County had very similar results to Bonneville County and Jefferson County.

In 2006 the median sold price for a single family home was $161,500 and the average was $205,961. In 2007 the median price rose 6.1% to $171,400 and the average rose 9.1% to $224,753. In addition, the average number of days on the market for a house that sold in 2006 was 184, while in 2007 it dropped to 155. These are all good trends for the current home owner looking to sell their property, especially when you consider that there are many regions of the U.S. where real estate values are declining.

Now let’s look at the number of homes sold. In 2006 there were 211 new single family listings with 193 homes that were sold. In 2007 there were 291 new single family listings and 157 that were sold. This means that there were significantly more houses listed for sale in 2007 but fewer actually sold. This leaves an enormous amount of inventory still on the market which is definitely a negative for the home owner looking to sell their home in the future. However, it’s important to point out that this is a huge positive for any buyers. They have a large supply of homes to look at with very little competition. This very well could mean that prices begin to drop in 2008.

Bingham County

Bingham County consists of Shelley, Blackfoot, and several other smaller communities. This area has also seen a substantial amount of growth over the last few years but still remains very affordable.

In 2006 the median sold price for a single family home was $128,600 and the average was $144,721. In 2007 the median price rose 8.1% to $139,000 and the average rose 9.2% to $158,141. In addition, the average number of days on the market for a house that sold in 2006 was 113, while in 2007 it dropped to 93. These are all good trends for the current home owner looking to sell their property, especially when you consider that there are many regions of the U.S. where real estate values are declining.

Now let’s look at the number of homes sold. In 2006 there were 419 new single family listings with 372 homes that were sold.Â In 2007 there were 507 new single family listings and 365 that were sold. This means that there were significantly more houses listed for sale in 2007 but fewer actually sold. This leaves an enormous amount of inventory still on the market which is definitely a negative for the home owner looking to sell their home in the future. However, it’s important to point out that this is a huge positive for any buyers. They have a large supply of homes to look at with very little competition. This very well could mean that prices begin to drop in 2008.

Madison County

The most active real estate market in Madison County is Rexburg. This is the only area that I covered in southeast Idaho that didn’t follow the exact trends of the other communities.

In 2006 the median sold price for a single family home was $150,550 and the average was $170,789. The difference with Madison County is that the median price remained virtually unchanged in 2007 when it came in at $150,000. As for the average price, it only rose 3.8% to $177,250 in 2007. The average number of days on the market for a house that sold in 2006 was 142, while in 2007 it dropped to 113. These are all decent trends for the current home owner looking to sell their property, especially when you consider that there are many regions of the U.S. where real estate values are declining.

Now let’s look at the number of homes sold. In 2006 there were 278 new single family listings with 268 homes that were sold. In 2007 there were 452 new single family listings and 277 that were sold. This means that there were significantly more houses listed for sale in 2007 but only a few more sold. This leaves an enormous amount of inventory still on the market which is definitely a negative for the home owner looking to sell their home in the future.Â However, it’s important to point out that this is a huge positive for any buyers. They have a large supply of homes to look at with very little competition. This very well could mean that prices begin to drop in 2008.

Idaho Falls Real Estate Market Ranked One of the Best

Editor — Tue, 08 Jan 2008 03:38:40 +0000

Idaho Falls real estate housing market is ranked the 6th best nationwide, according to Business Week.Â This is due to a one-yearÂ increase in home prices of 11.69%.Â However, even though our market is one of the strongest in the country, the pace of Idaho Falls home sales is down from what it once was.Â Not surprisingly, it’s supposed to continue to slow because of tighter loan restrictions on the wake of the subprime mortgage issue.

The good news is that many investors accross the country will continue to take notice of this area. This should help to shift money from struggling areas in the U.S. to Idaho Falls. This may not be enough to shelter us from all of the national real estate woes, but should keep us on top of the heap.

Click here to search for Idaho Falls real estate.

Market Report for Idaho Falls Real Estate

Editor — Mon, 30 Jul 2007 19:19:34 +0000

Bonneville County is still great location to buy or sell a home.Â While the national market is starting to struggle, Idaho Falls, Idaho real estate andÂ all surrounding communities, including Ammon real estate, remain positive.Â This is evident by comparing the 2007 second quarter Idaho Falls home sales to the 2006 second quarter home sales.

From April through June of this year there were 481 total single family homes sold compared to 489 over the same period in 2006.Â Those homes in the second quarter of 2007 spent an average of 79 days on the market while in 2006 they spent an average of 90 days on the market.Â The total new listings increased dramatically from 622 in 2006 to 817 in 2007, and the average sales price increased nearly 4 Â½ percent to $174,981.

All things considered, Idaho Falls remains a good location to buy or sell real estate with very reasonably priced homes.

Click here to search Idaho Falls homes for sale.

Home Sales Report for Rigby, Idaho Real Estate

Editor — Mon, 30 Jul 2007 19:15:40 +0000

Jefferson County is still a great location to buy or sell a home.Â While the national market is beginning to struggle, Rigby, Idaho real estate andÂ all surrounding communities remain positive.Â In fact, it has one of the strongest markets in all of Southeast Idaho.Â This is evident by comparing the 2007 second quarter Rigby home sales to the 2006 second quarter home sales.

From April through June of this year there were 108 total single family homes sold compared to 82 over the same period in 2006.Â Those homes in the second quarter of 2007 spent an average of 100 days on the market while in 2006 they spent an average of 120 days on the market.Â The total new listings increased dramatically from 109 in 2006 to 180 in 2007.Â The most telling statistic is that the average sales price increased an incredible 21 Â½ percent to $197,783.

All things considered, Rigby remains a great location to buy or sell real estate with very reasonably priced homes.

Click here to search Rigby Idaho homes for sale.

How’s the Market for Island Park Real Estate?

Editor — Mon, 30 Jul 2007 19:12:56 +0000

Fremont County is still a great location to buy or sell real estate.Â While the national market is struggling, Island Park, Idaho real estate andÂ all surrounding communities remain positive.Â This is evident by comparing the 2007 second quarter Island Park home sales to the 2006 second quarter home sales.

From April through June of this year there were 48 total single family homes sold compared to 57 over the same period in 2006.Â Those homes in the second quarter of 2007 spent an average of 202 days on the market while in 2006 they spent an average of 205 days on the market.Â The total new listings remained stable with 107 in 2006 and 111 in 2007.Â The most telling statistic is that the average sales price increased an incredible 42 percent to $256,630.

All things considered, Island Park remains a great location to buy or sell real estate.

Click here to search Island Park homes for sale.

Shelley, Idaho Real Estate Market Report

Editor — Mon, 30 Jul 2007 18:54:13 +0000

Bingham CountyÂ is still a great location to buy or sell a home.Â While the national market is struggling, Shelley, Idaho real estate andÂ all surrounding communitiesÂ remain positive.Â This is evident by comparing the 2007 second quarter Shelly home sales to the 2006 second quarter home sales.

From April through June of this year there were 111 total single family homes sold compared to 102 over the same period in 2006.Â Those homes in the second quarter of 2007 spent an average of 105 days on the market while in 2006 they spent an average of 114 days on the market.Â The total new listings had a significant increase from 130 in 2006 to 161 in 2007.Â The most telling statistic is that the average sales price increased an incredible 19 Â¾ percent to $168,954.

All things considered, Shelley remains a good location to buy or sell real estate with very reasonably priced homes.

Click here to search Shelley, Idaho homes for sale.

Rexburg, Idaho Real Estate Home Sales Report

Editor — Mon, 30 Jul 2007 06:51:20 +0000

Madison County is still a great location to buyÂ and sell a home.Â While the national market is struggling,Â Rexburg, IdahoÂ real estate andÂ all surrounding communitiesÂ remain positive.Â This is evident by comparing the 2007 second quarter Rexburg home sales to the 2006 second quarter home sales.

From April through June of this year there were 80 total single family homes sold compared to 64 over the same period in 2006.Â Those homes in the second quarter of 2007 spent an average of 114 days on the market while in 2006 they spent an average of 142 days on the market.Â The total new listings increased slightly from 118 in 2006 to 104 in 2007, and the average sales price increased nearly 7 Â¼ percent to $186,488.

All things considered,Â Rexburg remains a good location to buy or sell real estate with very reasonably priced homes.

Click here to search Rexburg Idaho homes for sale.

Home Sales Projected to Increase Gradually

Editor — Thu, 14 Jun 2007 18:56:57 +0000

Home sales are projected to slightly fluctuate in the near futureÂ before gradually increasing by the end of the year, according to the latest forecast by the National Association of Realtors.Â This will be driven by an expectation of higher sales and stronger prices in many markets.

Recently there has been a shift from high-cost areas to markets that are still moderately priced.Â This should cause the national median existing-home price to fall approximately 1.3 percent to $219,100 in 2007, and the median new-home price to fall approximately 2.3 percent to $240,800 in 2007.

Nation wide existing-home sales are projected to total 6.18 million in 2007, which is down from 6.48 million in 2006.Â New home sales are forecast at 860,000 this year, down from 1.05 million last year.

So, what does this mean for southeast Idaho?Â When analyzing the overall national real estate market, its important to keep in mind that home sales are local.Â As of June 1, Idaho Falls and its surrounding communities are experiencing close to a 14 percent increase in total sales when compared to 2006.Â This should only improve when the national market begins to trend upward.Â Â

Our area is one of those moderately priced communities that is still experiencing high growth.Â Look for a strong finishÂ in 2007.

Idaho Falls Real Estate Blog » Real Estate Market