It will come as no surprise to regular readers that our prediction a couple months ago has come to be.
Our average residential sale as reported by the Coeur d’Alene Multiple Listing Service is now more than $300,000. Those homes stayed on the market less than 90 days. Figuring that it takes an average of 45 days for a loan to close, we assume that the average sale then, was likely on the market less than that before receiving an acceptable offer.
In Coeur d’Alene, we saw one less sale close at the end of May, but the average price there increased by 23 percent over the same year-to-date period in 2016. Inventory in Coeur d’Alene continues to frustrate buyers since there were 24 percent fewer homes available in that time period when compared to last year. The average Coeur d’Alene home on a lot that is less than two acres will now cost buyers $295,545.
Post Falls had 100 fewer homes on the market this May than last. They continue to sell houses though and are three homes short of last year’s production. Their average price is up 7 percent from 2016 at $242,990.
Hayden Lake saw positive movement even though they have 34 percent fewer listings than at the end of May last year. Their number of sales rose 75 percent over the previous year and with limited supply their average price increased 34 percent. Hayden’s average price now is $365,793.
Out in Rathdrum and Twin Lakes where one zip code serves, builders are not keeping up with demand. They reported end of May inventory that was 22 percent below the previous May with the number of units sold two fewer than in 2016. The average price there stands now at $243,327 or 14 percent higher than last year.
Silver Valley agents are maintaining a busy pace. Their inventory is better than most of our MLS with just 8 percent fewer homes on the market than at last year even though they have sold 22 percent more properties. The average price of residential real estate there is down 15 percent making property there a real attractive option for those fortunate enough to find employment there or willing to commute elsewhere. Their average price this year is just $86,435 so far.
As we look North, we see our neighbors in Bonner and Boundary counties also in an inventory crunch with 17 percent fewer residential property listings than last year. Even though the long winter may have offered a slower start, the average sold price reported by members in those two counties is up by 13 percent at $220,631.
Even with new construction accounting for 22 percent of our homes sales at the end of May, inventory shortages continue to plague the folks who are wanting to get into homes. As you have seen the diminished supply is forcing prices upward and out of reach for some buyers.
Ask your Realtor for a report on your property if you are curious about selling now. A Realtor will visit the property and determine its value based on location, condition and quality. A website with an algorithm will only give you a guesstimate that will undoubtedly be inaccurate.
Trust an expert…call a Realtor. Call your Realtor or visit www.cdarealtors.com to search properties on the Multiple Listing Service or to find a Realtor member who will represent your best interests.
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Kim Cooper is a real estate broker and the spokesman for the Coeur d’Alene Association of Realtors. Kim and the association invite your feedback and input for this column. You may contact them by writing to the Coeur d’Alene Association of Realtors, 409 W. Neider, Coeur d’Alene, ID 83815 or by calling (208) 667-0664.