New numbers from the National Association of Realtors
say home sales across the nation were flat in March, but are the figures reflective of what is going on here in East Idaho?
The newest numbers from Greg Johnston at Keller Williams Realty show over 500 houses on the market in Bannock County alone.
“At the end of March of 2014, we had 523 homes on the MLS listed for sale,” said Johnston. “At the same time a year before we only had 463 homes for sale, so when you see an increase of 60 homes, it shows that people are hearing that the market is improving, a lot of people who have not been able to sell their home the last couple of years are saying, ‘let’s give it a shot.’”
But that added inventory is a double-edged sword.
“But what’s happening is now we’re getting too many homes on the market where it is going to prevent homes from appreciating like they have in the last year,” Johnston said.
Statistics compiled by Greg show in March, 57 single family homes were sold compared to 53 in the year before. The homes sold in March of 2014 also spent less time on the market with an average of 133 days versus 155 days.
For the year through the end of March, Bannock County has moved 158 homes compared to 145. The average home value of those sold homes is up, $145,000 compared to close to $140,000.
As for what’s in store for all of 2014, Greg says he doesn’t see another 18 percent increase in sales like we saw from 2012 to 2013.
“I don’t foresee that we’ll continue at that pace, I don’t foresee in 2014 we’ll have another 18 percent increase in sales,” said Johnston. “I think we’ll be consistent with what we did last year but I don’t think we’ll have another large jump in the number of home sales.”
Another statistic that Greg pointed out was that 10 percent of homes sales last month were new construction.
For more information on housing in Bannock County you can click the links at the top of the page.