CURRENT NEWS Real Estate Market Report
Saturday, July 3, 2010
-- Buyer's Market Continues! McCall is still entrenched in a 'buyer's market', and there are many offers on the table, and many ready, willing, and able buyers actively looking. We've been in the trough for over 3 years now, and there are many great opportunities to purchase, particularly in the $250,000 and up range. Pending home sales have remained constant at over 30 in McCall. Many people are looking at homes and taking advantage of the low prices.
Since the peak prices of 2006 (the peak in McCall was August 2006) prices have dropped from 30% or more on average, with some property types/locations seeing much greater declines. These price drops have brought prices down to levels seen between 2003 and 2004, depending upon the type of property being discussed. The most desirable, unique, and/or scarce property with the least amount of comparable inventory for sale has seen the least amount of value drop while properties types where significant supply exists, or where investors were heavily involved in bidding up prices have seen the most significant drops -- places like The Meadows at West Mountain, agricultural land that was once considered 'development land' and building lots in new subdivisions with significant numbers of unsold lots.
Many of the current purchasers of homes today are first time home buyers, true second/vacation home buyers, and some experienced investors. Prices and mortgage rates have made possible the purchase of homes in McCall by people who were otherwise priced out of the market. Most properties selling today are foreclosures, short sales, properties priced at these levels, or particularly unique or desirable properties. In the upper end of the market, there have been a number of recent lakefront sales between $1,200,000 and $1,900,000, which reflects the 25-30% average decline in prices in McCall since the Sep 2006 peak. The majority of sales today are $200-300,000 cabin/homes in McCall with more and more now being sold in other price ranges.
For an in depth evaluation of MLS data on land, homes or any other areas of interest, please call (208) 315-2945. To see all properties currently available, please visit the property search page.