A new normal for real estate

What a race the real estate market has run over the last three years. With COVID's unintended consequences and general instability from what was the old normal, Sanders County has certainly felt the shift. As interest rates climb and we see some semblance of a new normal taking shape post-pandemic, a quick recap of the impact on real estate seems a few measly characters summing up a pretty chaotic time.

In 2020, for Sanders County residential real estate as per the MLS, we had an average sales price of $285,000, 203 closed sales, 136 average days on the market, 94 homes for sale, 5.9 months of supply and 256 new listings.

In 2021 these statistics jumped 65% as to average sales price at $467,912, average days on market dropped by 41.2%, homes for sale dropped by 47.9%, months of supply dropped by almost 60%, new listings was relatively stable, while closed sales were up 10.8%.

This year is showing a bit more stability, while the average sales price still up, but only slightly at $481,847. We are down almost 20% on closed sale, mostly due to low inventory and such affordability. The days on market has risen 40%, as inventory is starting to sit a bit. Inventory has risen by 20%, with the supply of homes per month up 52% due to more inventory and the longer days on market.

There is definitely change on the horizon. Time will tell how the trends weave their web into the next market. The prices should continue to stabilize with little change until we have growth in the number of listings on the market. Once that occurs prices may begin to recede a bit.

On a personal note, it has been a privilege and such a blessing to live in this gorgeous area since I was 2 years old and serve this amazing community. It is not the scenery that is the most beneficial asset, but the beauty of the people. This community helps and encourages one other. Thank you for all of the years of memories made and here's to a 2023 that is ours to shape.

Tina Daugherty is a Broker Associate with Realty Northwest in Thompson Falls and has been selling real estate for 30 years. Reach her at [email protected].