Escalating interest rates do not appear to have affected the real estate world in Twin Falls County. ReFi’s stayed level from 91 in June of 2012 to 93 last month. Recorded deeds of trust for property transfers also remained unchanged, 99 in 2012 compared to 98 in June of 2013.
MLS reports that brokered residential sales were up almost 20%, 98 in June of 2013 to 82 in June of 2012. The median price was up 18.8% for Existing Residential Sales to $147,900 in June over $124,500 in June of last year. Oddly, the average price was up almost 27%. The quantity of brokered Existing Residential homes increased 22%, 89 over last June’s 73.
Listing numbers are down 10% on Existing Homes and New Construction listings down 45% in June over June of 2012. The Builders are feeling a surge of confidence in our market as single family dwelling permits were up 54% over last June, 17 over 11 the same month. Year-to-date, there have been 90 single family dwelling building permits taken out this year. Last year, it was only 80.
What do these statistics tell us? How do we plan for the future? Twin Falls County economy seems to be strong. Interest rates are still very attractive. If interest rates rose from 3.5 to 4.5% on a $100,000 home, that is an increase in payments of about $696 per year. However, if that rate inflates to 5% in a year, that is a $5,000 increase. The message everyone should be hearing is BUY NOW! Sell now!
On a non-statistical note, Blue Lakes Rotary is planning its 2nd Annual Beer Fest in the Twin Falls City Park August 3rd. Thirty-eight brewers will be represented and lots of music and award-winning craft brews will be on hand. Proceeds will be going to finish the playground at Blue Lakes Rotary Park in south Twin Falls. Check out magicvalleybeerfestival.com for details.
Blog submitted by Scott Roberts, Vice President and General Manager, Twin Falls, Idaho