Serving Whitman County since 1877
Serving Whitman County since 1877
Whitman County markets see a slow down
COLFAX — The Whitman County Association of Realtors released the Feb. Housing market numbers, which state that the average price for a home sold in the county last month was about $349,500.
Reports state that last month’s average price increased by around $59,600 from January and decreased by $9,200 from a year ago.
There were only 23 homes sold in the county last month, up 17.3% from January. Statistics state that homes were on the market for 32 days on average, down from 37 days the month before.
State Director of the Association of Realtors, Whitman County, Joe Pitzer, stated that there are 74 more listings on the market now. Pitzer reports that this includes manufactured homes, houses, and condos.
“The market in comparison to the last few years is slower, and 74 is not a lot to choose from for all of Whitman County, so it’s more of an equal opportunity,” reports Pitzer, “Interest rates are a big factor in that and so is labor supply. There is a lack of available contractors to remodel.”
However, despite having as strong of a labor supply, Pitzer notes that young home buyers are still moving into the area.
“Overall nationally, about 13% of the market moves,” Pitzer said, “What we’re not seeing is that big change or jump that we have seen in the past few years, like death, children, or a new job. The buyers are just going to be a lot slower and more selective,” he said.
The cost of borrowing a dollar is substantially higher than in previous years, making the decision-making process much slower and more intentional.
“It will still be a healthy time for people to buy homes,” Pitzer added.
Olivia Harnack is a Journalist at the Whitman County Gazette. Olivia is enrolled at University of Idaho and is majoring in digital film studies. She serves in the United States Army National Guard and is proud to serve Whitman County.
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