2014 went by fast, didn't it? I can not believe it is 2015 already. At the end of every year I compile real estate statistics for the Pocatello area including Bannock County. The year end statistics give us a good indication of what is happening right now and help us to predict what may happen this year. Here are some of the important statistics:
At the end of 2014 there are only 359 single family homes listed for sale on the Pocatello Multiple Listing Service (MLS). That is a big decrease in listings from both last year (429 homes at the end of 2013) and last quarter (509 homes at the end of September). Less competition is a good thing for home sellers. It also helps home values to begin to appreciate. Home values did increase in 2014. The average price was $151,690 in 2013 and up to $157,996 in 2014. That is a 4% gain. 4% really is a good figure. We like to see home values appreciating.
In 2014 we had 888 single family home sales reported on the MLS. That is up 3% from the 861 sales in 2013. So, we had more homes sell and at a higher average price. That is a good sign for Pocatello, Idaho's economy.
New homes remain popular. 55 new homes sold in 2014 compared to 50 in 2013. Some larger new homes have been built and sold. The average new home price is $226,817 up from $196,196 last year. Larger homes being sold is another signal of an improving real estate market. There are a few subdivisions with available building lots for sale. However, we do not have as many as we need. In 2014 we only had 33 lots sold on MLS, down dramatically from the 107 sold the year before. Watch out for prices on bare ground to go up since there are only 57 lots for sale on the MLS. Many of the new homes sold are owned by developer/builders and not part of the MLS reported sales.
Real estate investor interest remained consistent. We saw 45 multi-family units sell in 2014 compared to 41 in 2013. Right now we have 50 on the market for sale, almost equal to 53 listed at this time last year.
To summarize, the Pocatello, Idaho real estate market is improving at a good pace. We like to see 3-4% increase in sales and home values. We should be on pace to experience similar growth in 2015, although a few new businesses in Pocatello and American Falls could cause a demand for housing. If that happens we will see higher home sales, higher home values, and lower inventories as investors buy homes to rent and resale later. If you have any questions about Pocatello, Idaho real estate please contact Greg Johnston, REALTOR, with Keller Williams Realty East Idaho at 208-232-9041.
Click on this link to get a copy of the 2014 Market Statistics.
Are you a big FaceBook user? I now have a FaceBook page for Pocatello real estate. It is my business page that will have additional information on homes for sale, real estate commentary, and community events. It will not have as much detailed and in-depth information as this blog, but will have shorter postings about new listings that can be shared with others more easily. The longer write ups will continue to be featured on this blog.
To view the page go to www.FaceBook.com/GregJohnstonRealtor
I am the exclusive listing agent in Pocatello for Rockwell Homes, the largest home builder in Southeast Idaho. Right now we have eight new homes under construction that will be complete between mid-December 2014 and early April 2015. The prices range from $144,900 to $196,000. Each home is in Brookstone Subdivision in Chubbuck. Rockwell builds a lot of square footage for the price. Each home has at least a 2 car garage. Contact me if you want to discuss having Rockwell Homes build a new home for you or someone you know. I can show you floor plans, building lots, upgrade options, homes under construction, and pictures of recently completed homes they built. They have more than 1,000 satisfied customers thrilled with the new home they had built. Let me show you why Rockwell Homes is Southeast Idaho's #1 home builder. You will be impressed. Call Greg Johnston, Realtor, at 208-232-9041.
Happy Thanksgiving! Mark your calendars for the annual Night Lights Parade the day after Thanksgiving in Pocatello, Idaho. On Friday, November 28th, 2013 at 6:30 p.m. This fun parade will go west through the Center Street underpass and then onto North Main Street of Pocatello. It will pass right by my real estate office – Keller Williams Realty at 150 N. Main Street. All of the parade entries will be covered with lights. It is a great way to begin the Christmas season. Santa will arrive and be available to the children. Dress warm. It is a fun parade every year. Arrive early, too. There are always events going on along Main Street and at the Old Town Pocatello pavilion.
I have a new home for sale that was just built by Ed Quinn with Quinn Homes. This home is beautiful. The location is 2085 Sunrise, just off Satterfield Drive in Pocatello, Idaho. The list price is $319,900. It is a large 3,600 square foot home. The main floor has three bedrooms and two full bathrooms. The finish work is excellent. The kitchen is a must see! Custom built cabinets, granite counter tops, lots of cabinet space, decorative back splash, hardwood flooring, large pantry, and lots of natural light. There is a large master suite. The walk-in closet is oversized. The master bathroom has a decorative shower with tile shower surround and glass wall. Plus, the master bathroom has a jetted tub. 3 car garage. Gas fireplace. Popular Highland area location. City view. Great curb appeal. Take a look at the interior pictures by clicking on this link for 2085 Sunrise.
If you have an interest, or know anyone looking to purchase a home in Pocatello, Idaho, please call Greg Johnston, Realtor, at 208-232-9041. I would love to show this home to you or talk to you about having a custom home built for you.
ACTIVITY vs. TIMING
Timing is extremely important in the real estate market. A property attracts the most attention, excitement and interest from the real estate community and potential buyers when it is first listed. A home has the highest chance of a sale when it is new on the market. This graph illustrates the importance of placing your property on the market at a realistic price and terms from the very beginning. The majority of home sellers will see the most activity on their home the first few weeks it is listed for sale. Why? Because there are buyers waiting for new homes to come on the market. After your home has been for sale for two weeks, you are now waiting for new buyers to enter the market.
Don’t set the price of your home too high, thinking you can reduce it later. As indicated by the chart above, interest peaks when your home is new on the market. Many home sellers say, "We can always come down in price later." That is true, but you may have cost yourself the sale of your home by having it overpriced to begin with. You just missed out on all those buyers! I believe it is human nature to try to get as much out of your home as possible. However, a home sellers goal are first to get it sold and second to get top dollar. Make sure you are accomplishing your main goal by not pricing yourself out of the market.
How can you avoid overpricing your home? The best thing to do is to have me complete a market analysis on your home. A market analysis will show the sold prices of homes that are comparable to yours. Knowing what others have sold for will tell you where to price your home. Be realistic with the price you list your home for. The most frustrating part of selling a home is having it sit on the market and not selling in the time frame you need to. At that time you will take an offer lower than had you priced the home right in the first place. If you are ready to sell your home in Pocatello, Idaho, call Greg Johnston, REALTOR with Keller Williams Realty East Idaho at 232-9041.
This Friday evening, Old Town Pocatello businesses are hosting a business trick-or-treat. Please plan to attend this Friday, October 31st 2014, from 3:00 to 5:30 p.m. Participating businesses will have an orange poster in their window or on their door to let you know they are a participating business. Dozens of businesses do participate. Last year well over 1,000 children in costumes participated. The weather should be nice. Plan to attend. Most of the participating businesses are on Main and Arthur Streets, and some are on the side streets in between Main and Arthur. When you are trick-or-treating please stop by my real estate office. Please visit Keller Williams Realty East Idaho at 150 N. Main Street. Come visit on Friday for some candy, and come back next time to let me help you with buying or selling real estate. Greg Johnston, REALTOR
We are flying through this year! I can't believe it is October already. I have compiled the 3rd quarter 2014 Pocatello, Idaho real estate market statistics. As always, I have compared them to the previous quarter, and most importantly, the same quarter one year earlier. The statistics are always very interesting and give us a picture of what is happening with our local real estate market in Bannock County, Idaho.
At the end of September 2014 we have 509 single family homes for sale on the Greater Pocatello Association of REALTORS Multiple Listing Service (MLS). We had 514 at the same time in 2013. The numbers are almost identical. We have a large drop off of homes listed for sale from the previous quarter when we had 597 homes. That is normal, seasonal inventory levels. There are always more homes for sale in the summer than in the fall.
There are a few bright spots in the Pocatello real estate market. One bright spot is that we have 67 homes under contract compared to 54 at the same time last year. Also, home values have come up a little in the past 12 months. An average sales price is $154,715 compared to $150,940. It is only about a 2% annual appreciation, but I like that values are headed in the right direction. Year to date we have sold 709 homes. This is up compared to 679 homes at this time in 2013.
New construction is still selling. In the past 12 months we sold 48 homes. That is identical in the number of sales for that time frame last year. I am a little concerned that we will have fewer new home sales in the future. Not because of lack of demand, but because we are running out of building lots. Only 38 building lots have sold in the last 12 months. Only 64 building lots are on MLS. Not all of them are great building lots, either. Without a place to build, we will see fewer new homes selling unless Pocatello can get a new subdivision developed soon.
I think good things are happening in Pocatello and Chubbuck, Idaho. Although they are not huge gains, we are seeing gains in home values and home sales. I feel that we are in a "normal" market. We are stable. We are in a market that is consistent and not experiencing big swings up or down. If you have any questions about the Pocatello real estate market, contact Greg Johnston, REALTOR, Keller Williams Realty East Idaho at 208-232-9010. For a complete list of the market statistics click on this link: 2014 3rd Quarter Stats.
It’s that awesome time of year again! The Pocatello, Idaho Parade of Homes is coming up soon. The parade is put on by the Building Contractors Association of Southeast Idaho. New construction is popular right now. The local home builders have been busy. This year has twelve entries to view. There are some very neat properties on display this year. Mark your calendar to attend. The 2014 Pocatello Parade of Homes will be August 7th – 9th, 2014.
On Thursday the 7th the homes are open from 1:00 until 9:00 p.m. On Friday the 8th and Saturday the 9th, the homes are open from 10:00 a.m. until 9:00 p.m. Tickets can be purchased at Citizens Community Bank Pocatello locations, Pocatello branches of Idaho Central Credit Union, and at Franklin Building Supply.
If you want a sneak peak at the homes, click on this link for a copy of the Parade of Homes magazine: Pictures of Homes
I am a REALTOR. If you have a desire to build a home, please call me. I can help you find a lot to build on, a floor plan to build, and line you up with a home builder I have done business with in the past and know will do a great job for you. I can also help sell your existing home so you can move into your new home. Give me a call at 232-9041 or email PocatelloRealtor@Gmail.com to begin the process of having a new home built. I have a few new homes for sale that have recently been built, and that are under construction. Contact me so I can tell you about them.