2018 is shaping up to be another good year in residential real estate sales for McCall, Donnelly, Tamarack Resort, New Meadows, and Cascade.
Pricing trends for residential real estate in McCall are on the rise with the average sales price through the 3rd quarter of 2018 over $530,000. That’s a big jump from $330,000 this time last year. Of course this number needs to be taken with a grain of salt because sales prices ranges from $80,000 for a single wide manufactured home in Jacob’s Manor to a $3,250,000 custom lakefront home, but as you can see in the chart below all the numbers for 2018 show trends towards higher prices and fewer days on market. The largest market share is now in the $300,000-$399,000 price range, where in 2017 it was the $200,000-$299,000 category. Days on market (DOM) has gone down averaging 149 days in 2018 vs 190 in 2017. Negotiating power is favoring the seller with the original list price to sold price ratio trending at 99%. So friends it looks like the days of the “low-ball” offer are over, at least for now in McCall.
Donnelly and Tamarack
It is much of the same for the Donnelly and Tamarack Resort market. The biggest take away is that sales in this area have been hot with 105 properties sold through the third quarter 2018, while there were a total of 102 properties sold through all of 2017. Prices are also on the rise with the largest market share in the $200,000-$299,000 category, where in 2017 is was the $100,000-$199,000 price range. DOM and original list price/sold price show a bit more power for buyers than in the McCall market but these numbers are still relatively tight so when you find that perfect cabin be ready to buy and expect to pay close to full price.
It’s not a surprise to see these trends continue in the New Meadows market. As with the Donnelly market, there have been more homes sold so far this year than through all of 2017. It is a bit surprising to see the largest market share is in the $100,000 price range while last year it was in the $200,000 price range. However, the average overall sold price is slightly higher this year at $323,841.
The Cascade market is bumping the regional trend a bit with lower total number of sales, lower average sales price, and largest market share under $100,000. If you are looking for a deal, Cascade may be your market! The overall sales numbers continue to be strong and it will be interesting to see how this market ends up at the year’s close.
Across the board real estate sales in McCall, Donnelly, Tamarack Resort, New Meadows, and Cascade continue to be good. Prices are still very reasonable when compared to other recreation areas in the country like Sun Valley or Tahoe. A strong real estate market is not a surprise considering Boise is currently the fastest growing city in the nation. Our area definitely saw more visitors coming to our area to enjoy all of the recreational opportunity that are available. It will be interesting to see if these real estate sale trends continue through the end of this year and into next. Rising interest rates and increasing construction costs may lead to a slowing for sales but with a short supply of properties available for purchase, expect DOM and negotiating power to favor sellers.
Additionally, out of state buyers are still a major component to the market but many families and young professionals from the Boise Valley are purchasing homes and land for personal use or as investment.
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