Market Conditions

Whew! What a week! The crud-d-d caught up with me, and I was actually SPEECHLESS for several days! Imagine that! Thank Goodness for the TEAM! They totally took over, and we successfully closed 6 transaction sides this week, without one peep from me! HA! Our year is closing out very strong, even though we have seen a substantial drop in inquiries and buyers, due to the Holidays and my taking Thanksgiving off to see Liza and Lauryn, grand daughters in Bend, Oregon and attending a 3 day CRS Leadership Transition Conference at Seaside, Oregon. It was such an honor to be part of the Oregon, Washington, Idaho Strat Planning team. My Idaho Chapter Presidency begins January 1st, and it will be an exciting year ahead. All the Agents at the Seaside event reported a quieting of their markets as well. Second home markets seem to be the strongest, on the I-5 Corridor and along the coast. Waterfront/ recreational remains strong in all areas as well. Good news for you investors and 1031 exchangers. We generally have one quick cash purchase by an investor between Christmas and New Years. I’ll keep you posted! Judy

In an effort to strengthen our local REALTORS^® both educationally and relationally, Judy Higgins started a bi-monthly breakfast meeting at the Red Lion for any agents wishing to share and strengthen their relationships. This morning the group discussed our new MLS system, Paragon 3, which comes with strong positive recommendation from the Moscow, Idaho MLS and others. We also noted a downward trend in our pricing, for the first time in nearly a year. We have enough inventory in every area except affordable housing, which is our biggest selling niche. Clarkston, Washington has announced that at lleast three new subdivisions will be opening in 2006. Lewiston has none we are aware of. Our area would be perfect for developers to come in and introduce housing that would sell in the $100,000 to $150,000 range, as the median home in that range was built in 1945, according to our MLS sold statistics since 1-1-05. Many of those homes are functionally obsolescent, but the only choice buyers have. Approximately 161 homes have closed in Lewiston in that category since January 1st. We will meet again December 21, and State President, Mike Johnston, will be our guest speaker.

Moving to Idaho? Thinking of buying or selling? Soon you will be able to check the current property price statistics available only at our website. You will be able to get:

• average property prices,
• number of properties sold, and even
• the average number of days a property was for sale.

The best news is that you will be able to see this information for EVERY city we service. Can’t wait? Or are you looking for home pricing information in other areas? Contact us!

September 2005 shows that it’s a great time to buy and sell real estate in the valley. With only 89 sales, compared to last year’s 106 sales, through the local MLS office (Lewis Clark Association of Realtors) prices are on the move. The average price during the same month last year was $115,105. This September, the average sale price rose 16% to $133,893. Are you thinking about buying or selling a home? Contact us!

In places like Atherton, California, where Google employees are cashing in stock for homes, real estate prices are sky rocketing while homes are becoming scarce. Idaho, on the other hand, allows investors and homeowners to responsibly stretch their dollars as they buy at relatively rock bottom prices.

Since the 1950’s, the affluent have poured money into Idaho because of the grandeur of its outdoor beauty and recreation. Idaho has attracted celebrities such as Bing Crosby, Patty Duke, Brooke Shields, Arnold Schwarzenegger, Clint Eastwood, and Jamie Lee Curtis. Herbert Allen (Allen & Company, Inc.), investment banker and Idaho property owner, attracts tech and media moguls such as Bill Gates (Microsoft), Michael Eisner (Walt Disney Company), Warren Buffett, and Michael Dell (Dell Computers).

Idaho is the place to invest.

Even considering the 26% rise in home prices, the average price of homes in the Lewiston area is still only $144,213 (source:local MLS data). For a California investor, whose average home price is $743,367 (source:ReReport), Idaho provides unique and profitable investment options… Imagine six rentals for the price of one!

Sign up to receive the newest listed properties on the market or contact us to see how far your dollar can stretch in Lewiston.