It’s still the same old story. In the Coeur d’Alene Multiple Listing Service as of the end of August, active residential inventory was down nearly 11 percent compared to 2016, with 2,819 active listings vs. 3,161 at this time last year. As a result, closings of residential properties were off 4.6 percent from last year’s production.
Scarcity of homes will indeed drive up prices. There are gains in average prices in most areas and a healthy real estate market continues to keep our member agents busy. In Coeur d’Alene and Dalton there were three fewer homes sold this year to date than last year at the end of August showing less than a one percent decline in activity. The average price in that geography is up 12 percent to $282,724 demonstrating that homes are continuing to appreciate as inventory declines.
In Post Falls we see a 6 percent decline in homes sold. The prices there have appreciated in the past year also at a 12 percent gain over 2016. Their average price for a site built home on less than two acres is now $247,595.
Hayden and Hayden Lake continue to enjoy good appreciation too. With 14 percent fewer listings than last year, the average price of a Hayden home rose by 7 percent to $326,427.
With 15 percent fewer homes on the market than last August, Rathdrum and Twin Lakes continue to outpace last year with a year to date gain of 8 percent over the previous year making the average price of a site built home $233,748. No doubt the new construction there is providing some much needed inventory. Overall new construction as a percentage of year to date sales is 6.37 percent higher than last year.
East now to the Silver Valley, we see housing sales have accelerated gaining 14 percent more sales than at this time last year. The average price of a home there is now $97,885. Up north, in Bonner and Boundary counties we see an increase in sales volume of 13 percent with an increase in average price of 10 percent to $240,805. Kootenai County sales volume is flat with an average price up 12 percent.
Sales of vacant land reported to our MLS from 1 to 10 acres in size are up just over 12 percent from last year. Larger parcels remain flat with exactly the same number of sales last year as this.
So all in all the market is healthy. Low inventory contributes to higher prices, but one could argue that historically low unemployment is a likely contributor. Remember all real estate is local so ask your Realtor to examine the statistics in your neighborhood for a real picture of your real estate.
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.