Get Ready for Spring 2024; The Next Real Estate Wave in Sublette County

I hope you're having a fantastic October. I'm excited to share some insights into the real estate market in North Sublette County from October 1st - 15th, 2023.

Current Market Snapshot:
- Active Listings: 39 with Pinedale leading at 19 listings, followed by Daniel (9), Boulder (3), Cora (2), Merna (2),        Bondurant (4).
- Pending/Pending Contingent: 4, total 15
- Sold: 3
- Expired Listings: 2

Now, let's dive into some interesting market trends and insights:

Federal Reserve and Interest Rates:
Listening to business news is essential for me to stay informed, and I've been keeping an eye on topics like the stock market, real estate, interest rates, big tech, and energy. The consensus seems to be that the Federal Reserve won't raise rates again this year, which is positive news. Additionally, the prediction of a recession at the beginning of the year is no longer on the table. In fact, there's talk of the Fed possibly lowering interest rates next year. If this happens, we can anticipate a surge of buyers rushing to make offers. So, if you're considering selling your home, spring might be the ideal time to list it. Home prices have adjusted downward to a certain degree but are expected to remain elevated due to the ongoing inventory shortage, with no signs of reverting to pre-pandemic levels. Please consider updating, decluttering and performing routine maintenance to your home to attract buyers this spring. 

Sold Price per Square Foot Analysis:
Let's look at the price per square foot for properties that changed hands since October 1st. It's worth noting that all three of these homes closed below their initial asking prices, ranging from 4% to 24% less. The price per square foot in these cases ranged from $217 to $227, well below the average for the 3rd quarter of 2023. These numbers tell a story of homes that may have been initially overpriced, leading to longer days on the market and, in some cases, multiple price reductions before going under contract.

Inventory Insights:
An intriguing trend I've observed is the inventory of homes for sale in Daniel and Boulder. These communities seem to have switched roles in terms of active listings. Boulder typically has 7-10 homes listed at any given time, but this summer, they've had only 3-5. In contrast, Daniel, which usually has 3-5 listings, currently boasts 9 homes for sale. If you have any insights into why this shift has occurred, I'd love to hear your thoughts.

Thank you for being a part of my email community. I have a small favor to ask: If you know anyone in need of real estate services, whether buying or selling, would you please give them my contact information? Call or text me anytime at 307-231-6486 for a complimentary consultation.

To view properties for sale in western Wyoming and eastern Idaho on my website, click here.