It’s a Seller’s Market
By Joshua Nishimoto
That’s what most people think of the current state of Idaho Realty, especially in Sandpoint. When are housing prices going down? When will the market flip? How does anyone afford to live here anymore?
Well, the truth is that although the housing market in Sandpoint is not as hot as Boise’s housing market, Sandpoint’s housing market is still on fire. With a flood of transplants and new homeowners, the current demand is at an all-time high. Idaho is one of the fastest-growing states in the U.S. and has seen a huge number of new residents migrating from other states around the country.
So, who exactly is moving to Idaho? Of the nearly 80,000 people who moved to Idaho in 2018, the largest portion of them, 21,018, moved here from California. Another significant chunk of 14,955 came from Washington state. According to state-to-state migration data from the U.S. Census Bureau, nearly 80,000 people moved to Idaho in 2018 alone.
The state of Idaho experienced the largest percentage of population growth from 2018 to 2019 compared to other states, with a 2.1 percent increase in population. The next highest states for population growth, Nevada, Arizona and Utah each saw a 1.7 percent increase.
According to Realtor.com (as of July 2021) the median Sandpoint house listing is set to $585,000, with a median listing home price of $364 per square foot, making an “affordable” home in Sandpoint hard to come by.
Will the housing market ever come down? To speculate on that possibility, we look to new and incoming residents to eventually fall short of living in the area long-term. Whether it be harsh weather conditions or the allure of accessibility that is offered by larger towns and cities that offer many amenities that small town living typically does not, one may speculate that housing pricings will eventually fall and will most likely become more “affordable” at some point within the next three to five years.
One thing we can be sure of is that resort living, including condos on Schweitzer or homes on Lake Pend Oreille, will always be in high demand, just as those looking for a winter cabin on the mountain or a nice condo or lake property will always indeed pay for it. Several subdivisions will see new homes in the spring of 2022. We will see many new homes designed for the remote worker—a trend that will continue to rise.
If you’re looking to sell your home, what are you waiting for? With bidding wars accumulating to well above asking prices, there’s no better time to sell than now. Just be sure to set the asking price at an appropriate level so the house can sell quickly.
The bottom line is that the current state of the housing market may seem ludicrous to some, while those moving from other areas like California or Arizona see the housing market as an opportunity to start anew. While the housing market may seem to be a strong investment, only time will tell if the housing market prices drop. If nothing else, we know that the Boise housing market continues to boom, and the Sandpoint housing market is climbing slowly after it.
For all your realty, be sure to rely on the advice of your local real estate agents, insurers, appraisers and lenders. Your real estate agent has the insights to water systems, community rules and regulations, road maintenance, topography and mail delivery details that professionals outside of your area may not understand. Your real estate decisions may be the most expensive decision of your life.
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