So far during this Fall season, we still have a high supply of homes on the market. So far, 2009 year-to-date shows a 10% decrease compared to year-to-date last year in the number of new listings at 460 homes. In 2007, we averaged 57/mo active homes on the market; however, in 2008 we averaged 99/mo. That is a 74% jump in our inventory. (Jan 1 - Nov 1, 2007 vs 2008). At the end of October 2009, there were 122 active listings. With this slight increase in supply coupled with a decrease in demand due to the current economic market instability, our market is quieter than normal but homes are still selling. They are just taking longer to sell. Now is a great time to buy a home with many motivated sellers out there. In comparison to other areas of the country we are holding good and home prices are still appreciating ever so slightly just not at the pace people became accustomed to in the past years. Despite all the national media talk, our market is still more balanced than most with a slight advantage for buyers. Days on market are not changing much and the average sales price in our market only dropped by a marginal amount One very interesting statistic to me is the number of price reductions. In 2007, there were 154 price changes. In 2008, there were 374 changes which represented an 143% increase. Please e-mail me at mag@realtor.com for detailed graphs.
ZIP Code: 83274 Location Characteristics: Idaho and especially South East Idaho's Real Estate Market remains relatively strong when compared to the rest of the Nation. Shelley is centrally located and is only a 15 minute drive to Idaho Falls. This high desert plain is close to the mountains with Yellowstone, Jackson or Sun Valley only a 2 hour drive away. We have great shopping and medical facilities here. This is a great community and I am proud to call Southeast Idaho HOME. We welcome you to this area!
