At least in some locations the lack of inventory has caused sales to lag behind last year. Even so, it remains a seller’s market in much of our Multiple Listing Service geography. Our active inventory is down over 20 percent from last year. Still we managed to eke out seven more sales than last year for a 1.2 percent gain overall.
Coeur d’Alene actually enjoyed a 3 percent increase in number of homes sold with an average price that is 13 percent higher than last year. This with 12 percent fewer homes on the market demonstrates that any well-priced property is selling with the sellers in control of the market for anything under $350,000.
Post Falls is one area where sales are well below last year at 18 percent fewer homes sold than in 2016 at the end of June. Inventory there is also down 18 percent with an average price that is 10 percent more than a year ago following the rule of supply and demand.
Hayden suffered too selling 14 percent fewer homes than last year. The decrease in sales is understandable when you consider that there is 26 percent less inventory there than Year to Date 2016. This low supply led to a 12 percent increase in average price for the Hayden sellers.
Reaching now to the Rathdrum/Twin Lakes ZIP code one can see a flurry of new construction. However, available inventory there is off 34 percent from last year at this time. Still they have managed to sell 18 percent more homes than last year. Some cheaper homes sold there as reflected by a 2 percent decline in average price.
Further North, in Bonner and Boundary counties sales accelerated nicely. So far this year they have sold 25 percent more homes than last year and at an average price that is 20 percent higher! Following the rule of supply and demand their inventory is 18 percent below the same period last year.
Over in the Silver Valley, supply is down slightly with just 4 percent fewer listings than at the end of last June. Sales so far this year have exceeded last year’s sales by 23 percent. The average price of those sales is just 3 percent higher than 2016.
Benewah County too experienced a slight decline in inventory — 2 percent — but it didn’t hamper their sales. So far they have exceeded last year’s performance by closing 14 percent more transactions than last year.
All in all the market remains strong and looks like it will remain so. The challenge still being addressed in all areas is the lack of available inventory.
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.