Low prices keep market moving
November sales figures illustrate the market is still outperforming last year with regard to residential sales. Although not at a scorching pace, our total sales across the wide geography of the Coeur d'Alene Multiple Listing Service show an increase of 4.3 percent over last year.
Some areas report losses rather than gains, which is to be expected as pockets of foreclosures drive bargain hunters to those neighborhoods. In Coeur d'Alene and Dalton Gardens - one statistical area - sales are down 6 percent and prices down five. Hayden however, increased the number of sales over 2010 by 9 percent. The average price there was off 12 percent.
South Kootenai County showed a 93 percent increase in sales over last year with 27 properties changing hands compared to 2010's 14. The average price there increased by a whopping 64 percent indicating perhaps, a gradual return of the vacation home buyer. We need to point out though, that one or two sales of more than a million dollars can bring up the average significantly when working with such small total sales numbers.
Our Silver Valley agents have to be feeling good about their sales volume. They show an increase of about three sales a month over last year. This year's total at the end of November was 127 compared to 90 last year for a 41 percent increase in sales activity. The average price there however, remains 15 percent lower than last year.
Benewah County has nearly doubled last year's production with a total of 37 sales for an 85 percent increase over 2010. Prices there remain 11 percent lower than last year.
Our Bonner and Boundary County neighbors to the north, who share the vacation home audience, experienced a 12 percent growth in sales and a modest increase in average price at 4 percent. North Kootenai County performed respectfully too with Rathdrum, Twin Lakes and Hauser posting gains of 15 percent in volume with only a 1 percent decline in their average price.
Other parts of North Kootenai County however, although showing an average price drop of 20 percent, only transferred three more properties than last year as of November's end.
The Post Falls market cannot seem to alter the course plotted early this year. Their sales remain below 2010 by 9 percent at an average price that is 12 percent lower.
When all residential listings, including manufactured homes in parks, are included we have sold 2,834 single family residences for a 4.3 percent gain over the 2,716 sold last year. Single family homes on less than an acre of their own land outsold last year by 5 percent. Overall average prices are off 4.2 percent, where homes on their own lots are off 6 percent on average.
As of the end of November 2010 approximately 67 percent of all residential sales were under $200,000. That market segment this year reflects 71 percent of our residential volume. Sales of manufactured homes on rented land have increased 49 percent from 35 in 2010 to 52 this year. The average price of those homes is now 16 percent lower than a year ago.
Our waterfront properties market continues to gain traction with a 31 percent increase in sales and an average price drop of less than 1 percent. Secondary waterfront sales do not fare as well with a reduction in sales activity of 26 percent and an average price reduction of 13 percent.
For information about your property and what has happened to its value, contact your Realtor for the statistics in your neighborhood.
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.