Statistics show balancing act

March real estate sales figures show a geographical shift in activity. The long impoverished Rathdrum area showed a dramatic 77 percent increase in sales this year to date, although overall our sales are down 1 percent from last year. We certainly don't see that as cause for alarm and our members continue to report activity in excess of their experiences last year.

One reason for the shift of course, is that investors and homebuyers are chasing the bargain priced inventory. As areas experience distressed prices people are lining up to purchase these bargain properties. One would be hard pressed to find an agent working on a foreclosed property that didn't find their clients in competition with several other offers on the same property. This competition may have led to the modest increase in average price in Rathdrum of 2 percent over last year.

The Hayden market continues to recover with a 32 percent increase in sales and an average price increase of 7 percent YTD over last year. North Kootenai County also increased 4 percent in average price although our number of residential sales there fell from 12 sales YTD in 2010 to five this year.

Slower sales in Coeur d'Alene, Dalton, Post Falls and Benewah County seem to be balanced by the increases in Hayden, Rathdrum, Silver Valley and Bonner/Boundary counties. This balancing act gives us a net loss of 1 percent or five residential units from last year. Overall however, our average price for the area is off 8 percent from last year's average.

For all types of residential listings, from mobile homes on rented lots to high end properties we are off 2.4 percent from last year. The inclement weather later in the year is no doubt a contributor. Some of you may remember golfing in February last year where this year many of you had to wait until March. Just as golfers prefer dry weather, some buyers prefer to look at properties on drier days too.

Condo and townhome sales are showing some strong signs of recovery. Our condo sales for the year are up 28 percent and townhouses up 11 percent. Both categories show higher average prices too at 12 and 9 percent respectively.

Although waterfront sales increased at lower average prices than last year (-7 percent) their neighboring secondary properties did not fare as well with one third fewer sales at 27 percent lower prices than at this time last year.

Manufactured housing on acreage continues to show price increases though sales are slower than last year by 30 percent. Site built residential on acreage prices decreased in both number and average sales price. For that category, the average price is off by 4 percent and our total sales off 13.

We continue to carry less inventory than last year. Our total inventory of all listing types, vacant land, commercial, residential and business opportunities now stands at 6,304. Last year at this time we had 7,129 listings or 11.6 percent fewer listings.

New construction continues to lag as existing homes offer bargains that are hard to beat. Only 10 percent of our home sales this year have been of new homes. As the listing totals indicate though, we appear to be absorbing more of that existing inventory. As existing homes are absorbed new construction will recover to fill the need for those types of homes that are disappearing. The question on everyone's mind though is, "How long will it take?" Currently we have about 16 months of inventory. Last year at this time we had more than 21. If interest rates remain low, we may be able to increase this pace.

Keep in mind that it is still early in the year and our averages are based on a relatively small number of sales. It only takes a few sales to make a significant difference in our percentages.

For up to the day information on the activity and values of properties in your area, your best bet is to contact a member of the Coeur d'Alene Association of Realtors. CAR members have access to the latest statistics and the ability to zero in for information where and when you need it.

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.

Kim Cooper is a real estate broker, Realtor 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.