Idaho Falls

Idaho Falls & the surrounding market area have fared much better than markets on the western side of Idaho.  We have not been immune to the economic stresses over the past 12 to 18 months, but we have been very lucky… so far.  We’ve seen the unemployment rate climb from the lowest in Idaho 2 years ago at 2.8% to around 5.8% currently (still lower than the Idaho average and the national average).

The real estate market appears to be climbing from it’s low point in the spring, 2009.  Actual 2009 closed residential  transactions for Bonneville county (as of 10/23/09- reported through the Snake River Regional  MLS) were running at 84.4% compared to the same period in 2008. As of 10/23/2009 there were 925 residential closed transactions posted, compared to 1096 residential transactions for the same period in 2008.

Actual closed residential sales for the month to date (10/23/2009) were 63 as compared to 42 in October, 2008 (10/23/2008).  Surprisingly that is 150% over 2008 numbers.  Keep in mind that September, 2008 is when the fallout began with the stock market and various banks & investment firms, including AIG.  The Federal Reserve and the Department of the Treasury took extraordinary steps to try and keep the country from slipping into a major depression.

We’ve still got a long way to go before we see more normal markets, although we are experiencing some numbers that are more reminiscent of 1999 through 2001.

Prices have fallen due to pressures from short sales in our area and the fact that we still have a large inventory of active listings… something we haven’t experienced in quite some time.  I can’t remember listing numbers this high in 20+ years.   Keep checking back and we’ll keep you posted of the most current market events and statistics in our area.

Randy Stoor, Associate Broker, CRS, GRI – Coldwell Banker Eagle Rock – 10/23/2009