Overall, 2023 was a year of major shifts in the housing market. Understanding these trends and staying informed about local conditions is crucial for navigating the ever-changing landscape and making informed decisions in the coming year. -
Market downturn: Record mortgage rates, high inflation, and limited inventory dampened demand and sales, leading to the least affordable year for home buying ever.
- Price stability: Despite falling sales, prices remained surprisingly stable overall, possibly due to low supply and strong job markets.
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Shifting power dynamics: The market transitioned from a seller's frenzy to a more balanced state. Buyers gained leverage with longer days on the market, bigger discounts, and fewer bidding wars. Investors also scaled back purchases at a record rate.
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Inventory trends: New listings hit a record low due to high mortgage rates discouraging sellers. However, they rebounded later in the year as rates fell and affordability improved. Existing home inventory remained tight, contributing to price stability.
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Future outlook: Mortgage rates are expected to fall further in 2024, potentially boosting buyer activity and inventory. The market may become more balanced, with prices stabilizing or even adjusting downwards in some areas. Affordability remains a significant concern, requiring close attention to economic developments and policy changes.
Best Regards, |
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I am happy to call Teton Valley my home, and love helping others find their dream homes in our community. Whether you are ready to buy your own piece of the Tetons, or looking for expert advice on selling your current property, I'm here to help. Contact me today! Thank you, Ann
208-317-8505 ann.goodell@cbmp.com
tetonrealestategroup.com |
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5143 CINDER CONE DR, VICTOR $1,190,000 |
| 4821 S 2000 E, VICTOR $2,100,000 |
| 4760 W 500 W, VICTOR
$1,600,000 |
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TBD WESTERN SKY DR. | ETNA
NEW LISTING | $455,000 |
| 276 W 400 N, TETONIA $429,000 |
| 620 EASY STREET, DRIGGS PRICE REDUCED | $549,000 |
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3160 REECE RIDGE ROAD, FELT $235,000 |
| TBD 1100 N, LAMONT $375,000 |
| 352 CORBETS DRIVE, TETONIA $198,500 |
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TBD HWY 32, LAMONT $275,000 |
| 5022 PINE DRIVE, VICTOR $80,000 |
| TBD HWY 32, ASHTON
$260,000 |
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114 TRAIL CREEK DRIVE, VICTOR $648,000 | UNDER CONTRACT! BUYER SIDE |
| 4227 WELLS AVENUE, FELT
$850,000 | CLOSED |
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4515 WYDAHO RANCH TRL, TETONIA
$285,00 | UNDER CONTRACT! |
| 8744 W RIDGE RD, TETONIA
$80,000 | CLOSED |
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2024 Pedigree® Stage Stop Race |
Beginning in Jackson, Wyoming this premier “stage” format sled dog race is hosted by the areas local communities. Teams race on public lands of the Bridger-Teton, Shoshone, & Caribou-Targhee National Forests, competing for $165,000 in prize money & the elusive title of “Stage Stop Champion” |
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TVTAP working harder than ever to build and maintain valley trails' |
On the valley trail systems, a crew of four staff members and 27 volunteers for the Teton Valley Trails and Pathways (TVTAP) non-profit groom six different trail systems while operating seven days a week with the intention of keeping trails throughout the valley in top shape, whether for fat bikes, snowshoes, or nordic ... |
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Visit Idaho Unveils 2024 Official Idaho Travel Guide |
Visit Idaho released its 2024 Official Idaho Travel Guide—a printed piece and digital download featuring stories from local and national contributors and providing visitors and residents with amazing imagery and in-depth information to inspire travel to and within the Gem State. The 2024 guide contains maps, resources and a variety of features exploring the Idaho experience across the state, including: |
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Winter is high-time up here at Targhee, so there’s always a good time to be found. We’ve got a mountain of activities for you to have a crack at, both on the slopes and off. In fact, there’s such a long list of adventures on offer, you might struggle to fit it all in. Here’s a selection of some of our favorites to get you goin’. |
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Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? |
The average 30-year fixed rate rose one basis point to 6.62% for the week ending January 4, according to Freddie Mac. A basis point is one-hundredth of one percentage point. |
| Mortgage Rates Could Drop in 2024—But How Far? |
If you’ve been sitting on the housing market sidelines because of sky-high mortgage rates, there’s good and bad news heading into 2024. The good? Mortgage rates are expected to drop in the new year. The bad? They probably won’t drop as much as you’d like. |
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| Ann Goodell Real Estate Salesperson in ID & WY |
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