I was curious how our Post Falls residential real estate market was doing, not from a ‘gut’ perspective but from a solid facts and stats perspective.

Here’s what I found out (I’m comparing 2010 vs. 2011 Jan. 1 thru Sept. 30 and I’m only comparing residential homes – there are no condo’s, mobiles or multi-family properties in these stats):

2010 (averages)

• 427 homes sold
• $186,713 sold price
• 98% list to sold price
• 1,893 square feet
• $101.03 price per square foot
• 118 days on market
• $3,000,000 highest sold price
• $49,000 lowest sold price

2011 (averages)

• 413 homes sold
• $173,501 sold price
• 98% list to sold price
• 1,967 square feet
• $89.60 price per square foot
• 120 days on market
• $1,800,000 highest sold price
• $47,500 lowest sold price

Comparing

• 14 fewer homes have sold / -3.3% decrease in homes sold
• $13,212 reduction in average purchase price / -7.1% decrease in average purchase price
• List to sold ratio holding strong
• Homes that are selling are 74 square feet larger
• $11.43 reduction in price per square foot / -11.4% decrease in price per square foot
• Homes are on the market 2 days longer
• Highest sold price had a $1,200,000 reduction
• Lowest sold price dropped by $2,500

What does this all mean for homeowners and prospective homeowners?

It means that our market in Post Falls, Idaho is still settling in, still depreciating, still softening.  It means buyers can get phenomenal deals both from a home price perspective as well as an interest rate perspective.

In a nutshell, you can afford a whole heck of a lot more home for your money.

Home sellers won’t get as much for their home as they would have 4-5 years ago.  However, the homes you like now are a lot less expensive and are now IN YOUR REACH!

We bought our latest home 2.5 years ago.  We got a great interest rate (4.75%) and a good price.  Were we to buy now, we’d be able to get a home that was out of our reach then, and at a payment lower than what we currently pay (current interest rates are below 4%).

“Home Affordability” is a huge factor when you are trying to “buy at the bottom” of the market.  In reality, it is VERY unlikely “home affordability” will get any better.  We are currently sitting at the lowest “home affordability” level in history.

It’s definitely THE time to buy.