Market shifts send mixed message
It seems that everywhere we go someone wants to know, "How's the real estate market?" Although the correct answer is, "It depends where you live," that is harder to sell these days. The overall perception seems to be that the market is the same as it was and will be the same as it is, for some time to come.
As we have often reminded you, all real estate is local. When we talk about a particular reporting area there are always highs and lows within that geography that require deeper analysis than space here will allow. That's why, if you are involved in real estate of any flavor, you should have a Realtor in your camp who subscribes to the MLS and has access to up-to-the-minute data. That being said, here are some tidbits gleaned from the latest Year to Date data, current as of July 31.
Overall our single family residential sales reflect a decline from last year of 5 percent. Of course, since this is an average you'll want us to be a bit more specific. Coeur d'Alene and Dalton Gardens are considered one statistical area for us. Our total number of sales there, this year are 17 percent lower than last year at this time. Their average price of a single family home is 6 percent less than last year. The median price - that's with half selling below and half selling above - was actually up 13 percent over last year.
Post Falls sales fared poorer with an 18 percent decline in number of sales and a 13 percent decrease in the average home price when compared to 2010. Their median price was off 10 percent.
Hayden showed an increase of 1 percent with two more homes sold there this year over last. Their average price also increased mildly at less than 1 percent with a median price 8 percent lower than 2010.
Rathdrum and Twin Lakes are also considered one area and although showing strong earlier in the year July showed them falling behind 2010 by three home sales. Their average price actually improved by a couple hundred dollars which does not translate into a percentage.
Once again, the folks in the Silver Valley (all one area) continue to outpace last year's production with a 25 percent increase in homes sold, yet at 28 percent lower prices on average. Keep in mind though, that in a market that small, a few distressed properties disposed of at discounted prices can drag down the averages quickly.
Another of our defined market areas combines Bonner and Boundary counties. Activity there is also exceeding last year's performance. This year there have been 31 percent more homes sold or 22 more, yet like the other areas, their average price slipped. They went from an average of $171,526 in 2010 to $159,789 in 2011 for a 7 percent drop comparing only the first seven months of each year.
When you increase volume from 13 units to 23, you post a whopping 77 percent increase. That's what has happened to our friends in Benewah County. Their prices though, show a decrease of 22 percent, illustrating again how easily skewed a small number can be when affected by discounted properties.
This month there was positive growth in two areas. Last year the MLS reported zero sales of homes priced at a million dollars or more where this year we have recorded four. Condo sales continue to demonstrate their recovery too with totals there showing a 22 percent increase at an average price that is 14 percent above the average 2010 price. Waterfront home prices are also gaining, with a 33 percent increase in number and a 6 percent increase in average price.
We have seen shifting trends throughout our reporting areas throughout the year. Stay tuned to see what August brings.
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 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.