Real Estate Trends

March was a month of more sales, yet still a very tight market. On average, the inventory rose a little as to number of listings, but the average sale price dropped a little. It was pretty stable in the scheme of things. And now April showers (or snow as the case has been) shall bring beautiful May flowers.

With the instability of banking and other world worries, areas such as this tend to get busier, not quieter as real estate goes. A safe haven, we are thought to be. Many would like to have assets rather than cash at present and real estate is one of those assets. This may have a bearing on our market while the instability continues.

Prices are still high, and there appears to be lingering pent-up buyer demand, thus the coming market should be interesting. Will the inventory grow after this lingering winter? Interest rates have continued to climb, which is a factor affecting demand and buyer purchasing power. When will the market open up? We have seen quite a few price reductions. This valley has always been a place where sellers do not have to sell and buyers do not have to buy. Negotiation skills are invaluable! Time will tell what is next.

May you have a blessed month!

MARCH

Ranch

3 active (up from 2), $1,580,833 average listing price (down)

Residential Homes

61 active (same as February), 5 sold (up from 0), 0 pending (down from 1), $725,402 average listing price (down)

Land and Lots

91 active (up from 85), 8 sold (up from 3), 2 pending (up from 1), $285,442 average listing price (up)

Commercial

11 active (same), 4 sold, $586,636 average listing price (up)

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].