Hey everybody. It's Corey. Thanks for joining me.
So we're gonna take a look at the housing stats for the
North Idaho real estate market from last week in just a moment.
First
Idaho,
it's known for its potatoes,
its outdoor lifestyle,
its conservative culture.
But one thing that Idaho is not recognized for is its cost of electricity.
In a recent study
released last week by quick electricity.
Idaho ranked number five for the lowest electricity costs in America.
32% lower than the national average
of 15.47 cents per kilowatt hour
for those that are interested.
California had the sixth highest electricity in the nation
at 26.45 cents per kilowatt hour,
nearly 60%
more than Idaho.
And while Idaho can brag about lower cost of
electricity than just about anyone in the nation.
It is unquestionably the champion when it comes to the overall cost of utilities.
That's when you factor in electricity,
water
and natural gas.
And that brings me to my next point.
We're about to release the next video on our series
about the top 10 states that Americans are fleeing to.
And in this video that we're about to release next week.
We're gonna be looking at the overall cost of living for those top 10 states.
Spoiler alert Idaho comes out number one for the lowest cost of utilities.
What about health care costs?
What about other things like groceries that we spend our daily money on?
Well,
we're gonna take a look at all 10 of those top 10 states and
we're gonna rank them according to those categories and see who comes out number one
for the overall cost of living.
So, stand by for that and if you haven't subscribed
and hit that notification bell, make sure you do. So you don't miss the video.
All right, let's take a look at the weekly stats from last week here in North Ida,
looking at mortgage rates for how they ended up last week,
the 30 year fixed rate mortgage ended at 6.39% for the week.
That was up 0.12% from a week ago.
And still looking back last year, this time,
we were just at under 5% for mortgage rates
and looking at the market totals for last week,
new listings.
They are starting to come back onto the market here in spring.
They're up to 100 and 88 for last week. That was up 20 more listings than last week.
And compared to the same week a year ago,
which had 100 and 76 new homes come onto the market,
we are up 7% this year over last year. So new homes coming onto the market.
Good news for you buyers.
Ok. Total homes for sale inventory also going up. It's at 13 58 for the week
that went up uh from 12 85 last week.
And compared to the same week a year ago, which had 836
total homes for sale, we are up 62%
more homes this year over last year
pending sales. And this is indicative of what's going on in our market right now.
A lot more buyers are coming into the market.
You have pending sales of 100 and 15 for last week compared to the week before.
It was up from 94
the same week a year ago, there were 91 pending sales.
We are up 26% pending sales this year over last year
closed sales. And remember this is a a lagging indicator.
These are your sales that were pending
anywhere from 30 to 45 days ago, but your closed sales last week were at 48
that was down from the week before of 52. And compared to the same week a year ago,
closed sales are down 50%.
So we have half the closed sales compared to last year which had 96
prices of the 48 homes that closed sales. The medium price was 498,566.
That was down considerably from the medium price of a week ago, which was 577 5 80.
So the overall medium price of the homes was right around 500 compared to
last week. And compared to
last year, the median price this week was 601,500.
So we are down 17% year over year if you compare this week to the the same week a year ago
and looking at the breakdown of how the homes were bought last week,
21 of those were conventional 18 or 38% of the total sales were cash.
There were no adjustable rate mortgages, one F H A loan, four va loans,
one seller financing,
no 10 31 exchanges and three categorized as other for a total of 48
sales for the week.
Looking at the distress sales for last week, we had none come onto the market.
No short sales, no foreclosures
for year to date.
We still have six active foreclosures and one short sale,
only one of those six has sold year to date
and the one short sale still on the market.
And at a request of one of our
subscribers, he asked that we show the ratio of the homes that are selling,
which of them are new builds.
And last week of the 48 homes that were sold,
five of those 48 were brand new homes.
So just about 10% last week of the homes sold were new builds.
All right, that's it for now. You guys thanks for watching.
Don't forget to subscribe and hit that notification bell.
So you don't miss the next videos that are coming out.
Bye now.