In order to accurately set real estate goals for the coming year, it’s helpful to study prior market trends.
Here are some 2021 market highlights for the Coeur d’Alene and Sandpoint areas:
2021 saw a huge growth in incoming residents to Idaho. 53,000+ residents were added to Idaho’s population. That’s a 3.9% increase in residency, making Idaho one the nation’s hottest real estate markets. This number does not include vacation homes, rentals, or land purchased by out of state residents with future development plans.
Mortgage rates were held at all-time lows, at approximately 2.5% to 3.5% throughout the year, allowing more buyers to enter the market than in years past.
Median sales prices steadily rose from 383k in January to 507k by the end of December. Yes, homes became more expensive, but because mortgage rates were held low, buyers were actually paying less for their homes over the course of a 30-year mortgage.
Inventory of homes on the market maintained at about .8 of a month, meaning in North Idaho we had more buyers than available homes on the market per month.
The 2022 North Idaho market expects much of the same trends, but we may begin to see those mortgage rates rise. This means:
If you are intending to purchase real estate this year, it’s a good idea to get pre-qualified with your preferred lender, or have your financial strategy prepared, so when you see that perfect home or piece of land, you’ll be ready to make an offer. Chances are, you will be competing other prepared buyers. If you need a lender, I’m happy to refer you to one of my trusted associates.
If you plan to sell your home or property, you are in luck! It’s still a seller’s market! You can take steps now to prepare your home for the market. I offer a complimentary home consultation and market analysis so that you will be able to list your home in your desired time frame at a strong price.
I am always happy to help you achieve your real estate pursuits, so let’s connect and begin to formulate a strategy that suits your goals. Sometimes you need someone to brainstorm and bounce around ideas, and I enjoy being that soundboard for my clients and friends. Reach me at [email protected] and 208.242.2288.