New listings are down from 293 last February to 227 last month. Pending sales are also down approx. 22.4%. This isn't welcoming news to an already low inventory market.
Our current inventory supply is a just half a months worth. A healthy market is 6 months. This is driving up the home values. Basic supply and demand.
Will the market crash like 2008?
In 2008 40% of homes were investment properties. In economically difficulty times people sell their investment properties not their primary residence. Today about 10%-11% are investment properties. It would take an increase of over 70% more homes to come on the market just to make it a normal market, not even tip the scales in the buyer's favor.
So my answer is, No.
Laurel Jonas- REALTOR®
Northwest Realty Group
2022 N. Government Way Coeur d'Alene, ID 83814
208-758-9000
208homesforsale@gmail.com
208homesforsale.com
