Local home sales still ahead of last year

The staff at the local Multiple Listing Service (MLS) has completed their monthly compilation of statistical information for area sales. The good news is we are still running ahead of 2009 in total sales.

This most recent report shows that 2010 sales, as of the end of October, are 16 percent above sales last year at the same date. The most often reported statistic, single family homes on less than an acre, are showing a 2 percent improvement over last year. Remember, these are in number, not in price. MLS-wide our prices continue to lag for many property types with the single family home averaging a 3 percent loss in median price, down from $165,700 to $159,925.

When we look at all residential listings in our area the median price is off slightly less at 2.8 percent with a 2010 price of $165,000 compared to 2009's $169,750. The average price for a home on less than an acre was $180,393 which was a 5 percent loss from last year while the average of all residential properties is down 3.6 percent to $205,625.

October to October sales are down though. Our sales activity for October reflects nearly 26 percent fewer home sales than during October last year. Remember though, last year there was a tax incentive for homebuyers that was driving the market in anticipation of its expiration. That credit was ultimately extended which led to a surge of home sales early this year.

Some bright spots in this latest report show that homes on acreage continue to perform well. This year we have sold 47 percent more of those types than last year with an average price that is 2 percent higher. Secondary waterfront, or those properties once removed from waterfront experienced an increase of 3 percent in average price and a 29 percent increase in volume. Waterfront volume was up as well (9 percent) but at an average price that was 26 percent lower than last year's average.

Our statistical, typical three bedroom, two bathroom home in October 2009 was $168,326 while today that illustrative home is $177,589 although it took about two weeks longer to sell.

We have fewer homes on the market than we did last year. In October 2009 we had 4,143 homes listed where today we have just 3,886 or 6.2 percent fewer homes in current MLS inventory. Still, this gives buyers plenty of options.

We expect that mortgage interest rates, up slightly at 4 percent Friday on the Idaho Housing and Finance Association website, will continue to provide incentive for buyers. Even at that though, we are reluctant to predict any surge, or much change at all, in current market conditions.

For a safe trip home, 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.

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 with your questions or commentary.