As promised, I have put together some numbers on how the East Idaho real estate market turned out in 2011.   The numbers from the first part of 2011 were down when compared to the same period in 2010 but that was expected since 2010 had the federal tax credit for 1st time homeowners.  I was pleasantly surprised with the numbers from last year, especially in the Rexburg area, where the 2nd half of the year really took off.

Overall, the East Idaho real estate market was down approximately 3% when comparing units sold in 2010.  In my opinion the market seems to be leveling off to a new normal... is there such thing as normal?  Most market ended the year slightly lower than the previous year with the exception of Madison County (Rexburg) which ended the year 19% higher than the previous year when comparing units sold.  The demand in Rexburg seems to be in the lower price range homes $150,000-$200,000.  

The number of bank owned and short sale homes sold were significantly higher in 2011 and seemed to have spiked mid year.    During 2011 there were some periods of time when the bank owned properties made up nearly 40% of our sales.  When the year finished out, bank owned properties made up 31% of all sales.  From our current inventory of homes for sale, bank owned properties make up 7% of the market. To view all statistical data from 2011 click here.

I am optimistic that we have reached the bottom of our market, the demand seems to be picking up and with that will eventually come higher prices.  Don't wait for prices to rise, take advantage of low prices and awesome interest rates now.