Sales of homes and lots in the region continued their dismal performance through the first nine months of 2007, according to a report from the Multiple Listing Service of the Mountain Central Board of Realtors.
Homes sales were down by one third through September compared with 2006, and lot sales were down by half over the same period last year.
The MLS report covers all of Valley County and the Meadows Valley area in Adams County. Through Sept. 30, 192 homes were sold in the region compared to 296 homes sold in the same period in 2006.
Lagging sales were similar across the various areas the report covers. Home sales were down 35 percent in the McCall area, 37 percent in the Donnelly area, 22 percent in the Cascade area and 50 percent in the New Meadows area.
Total lot sales were down from 416 in 2006 to 194 this year.
Lot sales were down 58 percent in the McCall area, 52 percent in the Donnelly area, 49 percent in the Cascade area and 53 percent in the New Meadows area.
Local Realtors say the trend continues to reflect the current uncertainty in the real estate market, but that signs of a turnaround are already being seen.
"Transactions have picked up significantly, and the past few weeks we have been busier than most of the summer," said John Griffith, owner of MLC Sotheby's International Realty in McCall.
This means clients are seeing good buys in the marketplace as well as a reduction in interest rates, Griffith said.
"The fears associated with the mortgage rates have subsided because the buyers realize standard real estate loans are still a viable option," he said.
Prices on properties have fallen dramatically, and there is a large inventory of all types of properties, said Wes Rhoades, associate broker at Mountain Lakes Realty in McCall.
"Once again the free market economy has created 'affordable housing' that our area has so drastically needed," Rhoades said. 'As interest rates continue to be at historical lows, now is the time for those buyers to step to the plate and buy!"
There is a pent-up demand to purchase in the area, especially by older "baby boomer" residents, he said.
"Once people realize that the market has bottomed out, we'll see real estate sales figures return to more robust numbers," Rhoades said.
Dollar amounts for real estate sales were not released by the Realtors board because reporting of real estate sales prices is not required by state law.
As a result, prices on transactions are often under-reported or missing, so the figures that have been reported cannot be seen as a reliable indicator of the market, the board said.
