|In any given market, inventories fluctuate based on supply and demand considering area and price range. The National Association of REALTORS considers a balanced market to be a six-month supply of homes.
If it takes longer than six months to sell, it is thought to be a buyer’s market and less than six months, a seller’s market.
Nationally: The inventory of existing homes has been reduced to approximately 1.5 million houses which is 10.3% lower than a year ago. According to the Federal Reserve Bank of St. Louis there are 5.7 months’ supply of new homes currently on the market in the U.S.
Locally: In February we had 37 home sales (actual closings) and there were 109 pending contracts (sales with a loan typically take 30-45 days). There were total 398 listings in February of which 6 were new listings. So, we have 12.8 months of inventory valley-wide over all price points.
Of course, real estate is local and even within a neighborhood or a price point, we find differing levels of inventory and time on market. in certain price points, the existing inventory of homes is at an all-time low in the Wood River Valley.
Inventory has a direct impact on price. When demand is constant, but inventory is reduced, price tends to increase because the same number of people are trying to buy a smaller than normal number of homes.
If you are thinking of selling this year, consider that the most listings we typically see the most listings June-July-August. If you can get ahead of the masses, you will have less competition. Another thing to consider, if mortgage rates increase as predicted, the cost to buy is greater and consequently buyers can afford less home.
Click to download the monthly market report.
U.S. halfpipe skiers take 3 medals at PyeongChang
U.S. freeskiing halfpipe coach Ben Verge started skiing at Dollar Mountain as a kid. When he got older, he coached for the Sun Valley Ski Team. This week, his team struck gold at the Winter Olympic Games in Pyeongchang, South Korea.
All four men’s halfpipe Team USA skiers qualified for the finals; Aaron Blunck, Ferreira and Torin Yater-Wallace took the top three spots, respectively. Wise took the eighth spot in the qualifying round.
This year’s Trophy awarded to Anna Mathieu
The Windermere Cup is Awarded annually for Outstanding Performance in Real Estate and in the Community
“The winner of this year’s Windermere Cup is more than deserving. Anna Mathieu works tirelessly in real estate, protecting and promoting her clients’ best interests. She strives continuously to deepen her knowledge of our profession and is a creative problem solver. Anna is always exploring new marketing techniques and brings a fresh perspective to every transaction. Congratulations Anna” – Dan Gorham, Owner/Broker Windermere Real Estate / SV, LLC
Tax Law: How It Will Impact Idaho’s Home Price Outlook
With the new tax law in effect, NAR has estimated how home prices will trend in 2018. Idaho is in the top five states expected to see an increase in home prices.
While the new tax law is already in effect, here we estimate how home prices will trend in 2018 for each state. The new tax law reduces the limit on deductible mortgage debt and limits the deductibility of the real estate tax up to $10,000. These two provisions are expected to have an impact on the housing market. Moreover, a higher standard deduction may lessen the incentive to purchase a home, as fewer consumers will utilize mortgage interest and property tax deductions.
Aside from the tax reform impact, it is of utmost importance to understand that the current state of the housing market will also influence home prices. Prices are shaped by supply and demand, like any other economic asset. A shortage of supply pushes up prices, while excess supply causes prices to fall. In the past five years, housing inventory has fallen across the country and as a result, home prices continue to rise.
NAR estimated how home prices will change in the upcoming year for each state, considering the impact of the new tax law and the momentum of jobs and housing inventory.
5. Idaho: 5.5%
Nationwide, NAR is projecting slower growth in home prices of one to three percent in 2018. That is a marked slowdown from the five to seven percent annual gains of the past five years. Since all real estate is local, there will be some markets with price gains and other markets with actual price declines. Colorado (5.9%), Utah (5.7%) and Arizona (5.6%) are expected to be the states that will experience the strongest price gains in 2018. However, some local markets, particularly in high cost, higher tax areas, will likely see price declines as a result of the legislation’s new restrictions on mortgage interest and state and local taxes such as New Jersey (-6.2%), District of Columbia (-4.8%) and New York (-4.8%).
How did we come up with these estimates? First, we determined the main factors affecting the housing market in 2018. Of course, there are a slew of other factors, which have an impact on home prices, but we think that the following four factors need to be considered as driving forces of the housing market in 2018:
- Current housing market conditions and momentum
- New tax law impact
- Interest rate effect
- Employment and construction scenarios
See how home prices will be affected in Idaho by the factors above.
Titan of ski filmmaking launched career, genre in Sun Valley
Warren Anthony Miller, a ski-film pioneer in Sun Valley and lifelong pillar of the genre, died Wednesday at his home on Orcas Island, Wash. He was 93.
Born in Hollywood, Calif., in 1924, Miller took to the outdoors—and to photography—at a young age, surfing on a homemade board, hiking and camping with friends. Having fallen in love with skiing in the San Gabriel Mountains in the late 1930s, Miller turned his full attention to the burgeoning sport after serving in the Navy during World War II.
While famously living with friend Ward Baker in a teardrop camper trailer in Sun Valley Resort parking lots in 1946 and ’47, subsisting on tomato soup made of ketchup and hot water, Miller melded his love of skiing and his love for filming, sparking a prolific career of annual self-narrated ski films that as much defined the genre as propelled it forward.
KETCHUM, Idaho (KMVT/KSVT) – Taste and Craft, formerly known as Taste208, was first held in 2010. Now, in 2018, the founders decided to close the Boise event and move it to Ketchum.
According to the release, the founders say they want to move the event to the Wood River Valley during the Trailing of the Sheep Festival come this mid-October.
“We started Taste & Craft to support a new and growing craft beer, wine, and spirits scene in Boise. With the food & beverage experience reaching maturity in Boise, we have been looking for the right chance to engage a new community in partnerships and to work with a non-profit that develops strong community connections. The opportunity to move to Wood River and open during such an extraordinary festival was one we couldn’t pass up,” said Courtney Feider, Founder of Taste & Craft in a press release.
More details will be available in March along with the release of early bird tickets.
In 1936, deep in south-central Idaho’s jagged Sawtooth Mountains, Sun Valley Resort spun the world’s very first chairlift. For 81 years, the resort has been offering up some of the best skiing in the western United States on Bald and Dollar mountains, the two peaks that make up the resort.
Obviously, the sunny, snowy resort town is steeped in history. Ernest Hemingway completed his famous novel, For Whom the Bell Tolls, while staying at the Sun Valley Lodge in 1939. Pale Rider (1985) starring Clint Eastwood was filmed in Sun Valley. Warren Miller began his illustrious ski film career while camping in the Bald Mountain parking lot. Ski movie-maker Dick Barrymore called Sun Valley home for many years. Smith Optics, which invented the first dual lens, anti-fogging goggle, was founded there. Gretchen Fraser, the first woman to win a gold medal in the Winter Olympics, grew up in town. In fact, 39 living Olympians reside in Sun Valley. Freeskiing icons Reggie and Zach Crist, Lynsey Dyer, Lexi Dupont, Karl Fostvedt, Banks Gilberti and Collin Collins all hail from the area.
For the 2017-18 ski season, Sun Valley will give a nod to its wonderful history while making key updates and renovations. The Sun Valley Inn has welcomed weary skiers into its beds since 1937 and its rooms will receive a remodel, while maintaining the same traditional European Alps-inspired décor it’s always had. The Ram, one of the resort’s original dining establishments, will also receive a facelift in the form of a new kitchen, updated furniture and new floors, but that original look and feel will remain the same.
On the mountain, the Cold Springs lift, the resort’s oldest operating chairlift, will be replaced with a detachable quad that will rise 1,525 vertical feet in six minutes.
Sun Valley will also be expanding its terrain offerings with a new zone off of Seattle Ridge, on the far skier’s right of the mountain. Eager skiers will be able to drop into Turkey Bowl and access a whole new world of steep tree skiing, bumping the resort’s skiable acreage up to 2,434 acres. While the terrain won’t be open to the public until 2018-19, Sun Valley is offering guided tours for expert skiers in the new Cold Springs area beginning in January.