The National real estate report just released shows declines in the total existing home sales and the median price for April, May and June. According to the National Association of REALTORS®, 97 of 149 metropolitan areas showed a year-over-year increase in the median existing-family home price.
In comparing Jan 1, 2007 thru August 15, 2007 to the same period in 2006 for Star Valley, the Teton MLS Data reports the total number of active single-family homes in Lincoln County increased by 7% (453 to 486). New listings are up 2% (335 to 344). The number Under Contract changed slightly (164 to 166 or 1%).
The number of homes that have sold is down by 7% (142 to 132). The Average Sales Price us up from $275,823.00 to $309,942.00 or 12%. In 2006, Sellers received 97% of the Listing Price. This year it is running at 96%!
Vacant Land Building Sites is another area we monitor closely. With the moratorium on subdividing land in Lincoln County lifted a year ago, we have seen an explosion in new lots listed! The number of building sites jumped from 524 in 2006 to 720 (37%) in 2007. New Listings are up 19% (379 to 453) and the Average Sales price is up 58% ($102,994.00 to $163,422.00).
The bad news is that the number of lots Under Contract is down 32% (204 to 138) and the number Sold down 20% (165 to 131). Typically, vacant lots are purchased for New Home Construction by a builder for a spec home or the homeowner for a custom home build job.
There is an old saying that real estate is local. While many markets have declined, Star Valley real estate continues to hold its own in spite of all the problems in the mortgage industry and the housing industry.
There is an old saying that real estate is local. While many markets have declined, Star Valley real estate continues to hold its own in spite of all the problems in the mortgage industry and the housing industry.
That does not mean that national events will not affect our market! Unlike real estate, the mortgage industry operates on a national if not global scale. This will result in some unpredictability in our market over the next 12 to 18 months.
When we look at the Vacant Building Site data, we believe that we are already seeing the first signs of a shift in the market place! If any area of the country can survive the "Perfect Real Estate Storm" we believe it is Star Valley!
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