October stats and review

My, how quickly a real estate market can change.  Once the construction crews started pulling out of Boundary Dam, and oil drilling quieted down, there has been no end to changes in our market.  Prices are falling slowly because of a surge in inventory.  Buyers who don't have to buy are waiting to see "how low it will go", or are offering far less than asking prices to see what can be negotiated.  Although the mls stats indicate that overall we've had FEWER new listings in 2013 than in 2012, it certainly doesn't feel that way.   A surge of listings has come at the end of the year.  The first half of the year listings were in short supply, and in October alone, 76 new listings were taken (vs. 23 in October 2012).  The median sales price has increased year over year from $234,000 to $290,000, which means any reduction in price is relative to that increase. Overall, I see the market balancing....we'll see where we are 30 days from now.

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