Real Estate Trends by Tina Daugherty
Low inventory in January
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February 9, 2023
It seems we are standing at a precipice, although many say there are mitigating factors that bring the ground closer to the edge of the cliff, softening the fall for our beautiful valley as far as real estate goes. The MLS data actually supports that our market is slowing more gradually than the rest of the MLS. This could also be the mere fact that sleepy little Sanders County takes a bit more time to catch on to what's happening in the world, which is just the way we like it!
January maintained the same trend of low inventory, with new listings down 14.3% in January 2023 for Sanders County. No one wants to move, can you blame them? The rest of the MLS is showing slight growth at just 3.1% increase in new listings. We are still seeing appreciating prices and that will continue until the inventory rises and stabilizes. The number of closed sales is down 36% in Sanders County, while it is down 39% for the entire MLS, partially a function of low inventory and rising interest rates. The total number of listings is up 20% (still not back to pre-COVID numbers), while the whole MLS is up 65%, showing a trend toward softening markets. Perhaps the most interesting leading indicator is the days on market for listings, which in Sanders County is down 27%, while the rest of the MLS is up 50%. This takes into account seasonal variation. . . who wants to move in the winter?
With so much upside down in this world, it is incredibly difficult to anticipate what is next! We are blessed to be in this beautiful bread-basket of a community. Our county Extension office is amazing and offering classes regularly for gardening, farming, bee keeping and homesteading. This is a fantastic time to simplify our lives, enjoy the great outdoors, our largest resource, and enjoy our families and friends. Much of our recreation is free and feeds the soul in this valley. Until next month. . .
Tina Daugherty is a Broker Associate with Realty Northwest in Thompson Falls and has been selling real estate for 30 years. Reach her at [email protected].
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