New statistics show continued adjustment
No one really thought the stellar performance of the first half of the year would sustain after the expiration of the tax credit. You may recall at the end of June we were up 44 percent compared to June of last year.
Well, September statistics are out and for the Year to Date (YTD) we are still up, just not as much. Eight percent up to be exact. That's single family homes on less than an acre. In all types of real estate sales our YTD totals reflect production that is nearly 17 percent above last year and up $47 million in volume.
We promised to give you a complete report this week and keeping in mind the readers from our outlying areas, we will keep the verbiage short and focus on the statistical information many of you crave.
As of Sept. 30, the MLS wide average single family home price was $180,457. This is down 5 percent from last year's average. As you know neighborhoods are affected differently depending on a variety of factors.
Coeur d'Alene Dalton's average price is $183,284 off less than a half percent from last year.
Post Falls is off 3 percent at $172,988, Hayden down 7 percent with an average price of $220,052.
Rathdrum/Twin Lakes continues to take a beating. Their average price is off 14 percent from last year at $159,029 compared to $183,913 at this time in 2009.
North Kootenai County continues to surprise with a 4 percent increase in average price this year. The average home there is now $158,013 compared to last year's $151,351. The number of sales there is up too, by 17 percent which seems high but only reflects four additional sales.
The Silver Valley continues to outpace last year in the number of sales, up this year by 40 percent. Their prices however are not so fortunate. They have lost 10 percent of their value with an average in 2010 of $94,978.
For number of sales the winning territory for the year so far is Bonner/Boundary counties with a whopping 46 percent increase in number of sales, but like the Silver Valley their prices suffered too with an average 10 percent below last year.
Benewah County is also up in number of sales, by 6 percent with an average price of $123,936, off 8 percent from $135,275 last year.
The types of properties faring well are secondary waterfront at a 7 percent increase in average price followed by residential on acreage which improved by 2 percent.
The recent halt of foreclosures by some major U.S. lenders may help absorb some of the foreclosure inventory in the short term which could stabilize prices, but if this backlog of stalled foreclosures hits in a wave, it could quickly drive prices down again.
Like you, we wait day-by-day to see what is in store. Unlike you, we have the tools at our disposal to make these observations daily, so if you want to know what is going on in your neck of the woods, ask a Realtor.
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.