McCall Real Estate Housing Trends in 2015

According to the National Association of Realtors, the 2015 US housing trends look very positive with little negative downside.  Employment is on the rise, lending is getting better, interest rates are still very low, the US dollar is strong and in general, consumers are feeling more confident with the economy.   The combination of these factors will contribute to a very healthy housing market in 2015.  The largest gain will be in new housing, due to lower inventory of existing homes for sale.

infographic-research-2015-housing-expectations-2015-01-07

So, how does this all relate to the McCall area real estate market?  Since we are primarily a second home or retirement market, these factors don’t always correlate to the McCall real estate market.  However, we are seeing an extreme shortage of existing homes for sale in the McCall area, resulting in higher prices and slowing of sales.  Higher prices do not necessarily give buyers good value for their money.  In turn, we are predicting that the McCall area will see more people buying vacant land and building their own custom homes. McCall will probably see more new homes being built by developers on small vacant land in town, where the market demand is high.  Lake home prices will continue to go up in price due to less lake front availability, and the state lease land being sold off for a minimum of $1,000,000 just for the land. Good quality, higher priced homes will probably sell in good areas.

Well, that is our predictions for the year.  Stay tuned.

McCall Real Estate Market Pulse

sample-post-3McCall tends to be late to trends.  So, when other areas in the nation are beginning to see an up tick in inventory, McCall is seeing a decrease in inventory.

Our current inventory for single family homes is currently lower than the number of homes sold between Nov. 1, 2013 to Nov. 1, 2014.  During this period 168 homes sold and as of Nov. 1, 2014, there were only 140 homes for sale.  As a result, we are seeing significant price increases in the low to mid range market.  The median sold price between Nov. 1, 2013 and Nov. 1, 2014 was $275,000 and the current median sale price is $459,000.

Here is a quick snapshot of the current market situation for single family homes in McCall.

168 Single Family Homes Sold, Nov. 1 2013-Nov. 1, 2014

Lowest Price Sold – $58,000 and $41/SF
Highest Price Sold – $2,350,000 and $1337/SF
Average Price Sold – $361,857 and $167/SF
Median Price Sold – $275,000 and $150/SF

140 Single Family Homes Currently for Sale in McCall, Nov. 1, 2014

Lowest Price Home for Sale – $120,000 and $83/SF
Highest Price Home for Sale – $3,400,000 and $1378/SF
Average Price Home for Sale – $660,117 and $277/SF
Median Price Home for Sale – $459,000 and $194/SF

The following statistics are numbers from the Mountain Central MLS.

 

 

McCall Condo Inventory Down

The inventory for McCall condos is down.  We are seeing less and less condos available on the market, especially below $200,000.  Currently, there are 24 condos for sale in McCall.  The average price is $247,000/$169 a Sq. Ft. and median price is $182,000/$147 a Sq. Ft.

You can still purchase a 1 bedroom condo for $79,000, the least expensive in the area. Most of the lower priced condos are older and do not have garages, but are still a good buy in today’s market.

There are a few Aspen condos left on the market, which is a popular condo development near Ponderosa Park, McCall Golf Course and Payette Lake, and includes a full club facility.  These are great seasonal rentals.

McCall Golf Course Condo

McCall Golf Course Condo

City Golf Course Condos are hard to find. There were several on the market in summer and most of them have sold.  Priced below $200,000, these were a great bargain.  There is currently only one 3 bedroom, 3 bathroom, 2000 Sq. Ft. golf course condo available and it is priced at $329,500.

Between now and Dec. 2012, 30 condos sold in McCall.  Average price was $173,000/$126 per sq. ft. and median price was $142,250/$106 per sq. ft.  The highest number of sales were on Davis Street, which is a popular area near the park, golf course and lake.

The sales for condos finally moved this year.  Great prices.. Those prices may not be available for long time.  We will see…

Looking to buy a condo in McCall.  Contact us and we will share more detailed information on what’s available.

McCall Real Estate Prices Increase Year Over Year

Good news home prices are going up according to a recent report published by Case-Shiller.  Homes prices posted their strongest monthly gains on record in April, according the Case-Shiller Home Price Indices released on Tuesday, June 25.  The monthly 20-city index rose 2.5 percent in April, and the companion 10-city index increased 2.6 percent.  Year-over-year, the 10-city index was up 12.1 percent, the 20-city index was up 11.6 percent, in both cases the strongest year-over-year gain since March 2006.

So how does, the McCall area stack up in comparison to the nation?  Here are the numbers that we came up with based on our area sales from our local MLS.

Month to Month

  • April 2013 – 38 Homes Sold – Average $252,146 – Medium – $228,500
  • March 2013 – 36 Homes Sold – Average $195,763 – Medium – $180,000
  • 5 % Increase for Homes Sold
  • 23% Increase for Average Sales Price
  • 22% increase for Medium Sales Price

Year over Year

  • 2012-2013 – 437 Homes Sold – Average $224,287 – Medium $170,000
  • 2011-2012 – 412 Homes Sold – Average $188,060 – Medium $140,000
  • 6% Increase for Homes Sold
  • 17% Increase for Average Sales Price
  • 18% Increase for Medium Sales Price

The numbers are based on information from Mountain Central MLS and includes all residential property in McCall, Donnelly, New Meadows, Riggins, Council, Cascade and Back Country.

 

McCall Real Estate Statistics for May 2013

McCall real estate single family residential sales for the month of May in 2013 are surprisingly similar to last year this time.

Here are the numbers:

  • Number of current homes on the market in McCall: 193
  • Average current selling price in McCall: $529,462
  • Medium current selling price in McCall: $368,500

Number of homes sold May 2013: 14

  • High: $,135,000
  • Low: $$95,000
  • Average Selling Price: $307,564
  • Average DOM: 123
  • Average Sq. Ft.: $157.66
  • Medium Selling Price: $224,950
  • Medium DOM:112
  • Medium DOM: $141.50

Number of homes sold May 2012: 15

  • High:$1,4oo,000
  • Low: $75,000
  • Average Selling Price: $341,572
  • Average DOM: 194
  • Average Sq Ft: 188.02
  • Medium Selling Price: $225,000
  • Medium DOM: 99
  • Medium Sq Ft: $123.97

Check back at the end of the month to see stats for June.

 

Buyers Value Storage and Mother in Law Suite, According to NAR Survey

NAR recently published an article on what buyers are purchasing on average and where they are willing to pull out more money.  Since the majority of McCall real estate purchases are second homes, I was surprised to ear that the stats where very typical of what buyers are looking for when purchasing real estate in McCall.  So, if  you are considering purchasing real estate in McCall and want to know that you can sell it in the future, you may want to consider some of these options.

  1. The typical buyer purchased a home with three bedrooms and two full bathrooms.
  2. Slightly over half of the homes purchased were on a single level.
  3. 78 percent – of all buyers purchased a home with a garage
  4. Among buyers 55 and older, 42 percent considered finding a single-level home very important, compared to just 11 percent of buyers under age 35.
  5. Single women also placed higher importance on single-level homes, while single men wanted finished basements.
  6. Both single men and married couples placed higher importance on new kitchen appliances.
  7. 94 percent of buyers purchased a home with AC, and cable-, satellite TV-, and/or Internet ready.
  8. 89 percent of buyers purchased a home with an eat-in kitchen.
  9. Buyers were willing to spend more money for a home with AC, new kitchen appliances and a walk in closet.
  10. Buyers will to pay a premium for waterfront home and a home that was under 5-years old.
  11. Buyers were willing to pay more money for mother-in-law suite and basement.
  12. The two most common rooms buyers were willing to spend more for were a laundry room and a den/study/home office/library.
  13. All buyers after purchasing a home wished they had more storage, we can never get enough storage especially in McCall.

Source: NAR 2013 Profile of Buyers’ Home Feature Preferences

 

Second Home Real Estate Market Rebounds Nationally, How About McCall Real Estate?

I was on my way to Hawaii for spring break with my family, and I came across an excellent article on the second home real estate market in the United States.  Since I am involved in selling real estate in McCall, Idaho, primarily a second home/vacation home market, it obviously quickly sparked my interest.   As I read on, I was pleasantly surprised to read that the second home market in the United States is rebounding; rising 7% in 2011 from 2010 according to the National Association of Realtors (NAR) statistics.  Numbers are not out for 2012 until late spring, but anecdotal information points to continued growth in the second-home market last year, according to a NAR spokesperson.

Here are some other NAR statistics for 2012 that I thought were interesting:

  • 8,000,000 is the number of vacation homes in the United States
  • $123,000 is the median vacation home price
  • 305 miles is the average number of miles from buyer’s primary residence to their vacation home.
  • 50 is the average age of buyers for vacation homes

So, how does this compare to the McCall area real estate market?  It is difficult to say how many homes are second homes versus primary.  But, statistically we know that at least 75% of the homes sold in the McCall real estate area market are vacation/second homes.

The median price for homes sold in 2012:

  • McCall – $215,000
  • Donnelly – $135,500
  • Cascade – $109,600
  • New Meadows – $133,475
  • Riggins – $177,000

The majority of people owning McCall real estate and real estate in the surrounding communities are from Boise, Lewiston, Moscow and other communities that are between 100 to 300 miles away.    Most of our buyers are nearing retirement and are between 55-65 years of age.

So, is the McCall real estate market rebounding?  It is difficult to say.  We are definitely feeling a resurgence of interest in the area.  The low end continues to move and for the first time in several years some homes sold for over $2 million in 2012.  Also, 12 homes sold on Payette Lake ranging from $450,000 up to $2,500,000 from Jan. 1, 2012 to now.  As compared to 2011, only 5 homes sold on Payette Lake, with highest price at $1,650,000.

At RE/MAX Resort Realty, we are very optimistic that the market is rebounding.  With inventory down, it is a great time to list your home.  And, with interest rates and home prices still low, it is a great time to buy.

 

McCall, ID Housing Inventory Shrinks

As we enter into spring in McCall, we are seeing fewer  for sale signs in front of homes.  We are not alone!  According to the National Association of Realtors, the supply of existing homes for sales nationwide has fallen for seven straight months, hitting an almost eight-year low in January.

McCall’s inventory is significantly down from last year during this same period.  The following shows the current inventory for the McCall real estate market and the surrounding areas.

  • McCall – 123 Residential Homes
  • McCall – 38 Residential Condos
  • Donnelly – 30 Residential Homes
  • Donnelly – 2 Residential Condos
  • Cascade – 36 Residential Homes
  • Cascade – 5 Residential Condos
  • New Meadows – 21 Residential Homes
  • New Meadows – 4 Residential Condos

With the low inventory, the question in a lot of sellers’ minds is does this mean prices are going to increase in the McCall real estate market.  In some instances, the answer is yes.  Especially desirable homes and areas in certain price ranges, i.e. $200,000-$300,000 range.  With inventory down, we also anticipate that days on the market will probably decrease with buyers anxious to purchase at current prices.

With inventory down, it could be an excellent time to put your home on the market.  However, owners need to keep in mind that buyers are still very leery about getting into too much debt and are very conservative on how much they are willing to pay for a home, especially a vacation home. So, it is important to price your home based on what the market can afford.