Market Watch

Spring 2009

Well we are still in the latter part of our winter market with the hope of spring in the air. We have seen a surprising flurry of activity beginning in late December until now. It is mainly with housing which is likely triggered by low interest rates and lower prices.

* IT IS VERY IMPORTANT TO NOTE THAT THERE IS A DIRECT $8,000 TAX CREDIT FOR FIRST TIME HOME BUYERS IF PURCHASED BETWEEN JANUARY 2009 AND DECEMBER 1 ,2009.

Residential

We are fortunate to be in a market that did not over build during the boom years so we have not fallen off like many areas. Housing prices have fallen 12 â€“ 15% from a year ago. It still remains a buyers market in housing but not as much as with bare land.

Bare Land

We continue to have an abundance of bare land for sale in our area and that continues to be a less predictable market. Bare land sales volume was off 66% in 2008 but average price was higher than 2007. This reflects the sales of many small lots and small parcels at lower prices in early 2007 while at the same time a few newer high end developments were beginning to sell in a higher price range and that drove the market higher. In 2008 some sellers became in need of money and drastically reduced their land prices to procure a quick sale, thus altering statistics once again. At this time it remains a Buyers market in bare land purchasing as the market is still unstable. Itâ€™s possible to get good value between now and spring. Hopefully by mid spring weâ€™ll see a stabilizing in bare land pricing. There are some very nice developments here that remain a good value for amenities offered in relation to other places.

Commercial

There were only 2 sales in 2008. We have a commercial sale pending that should close soon.

Letâ€™s all hope for recovery in 2009 throughout our nation and the future will look brighter. We here in Boundary County are thankful for the beauty that surrounds us and to live in a community that knows how to face difficult times.

Winter 2009 Summer 2009 Spring 2009 Fall 2008