Home prices still down

COEUR d'ALENE - Home sales continue to outpace last year's totals in units sold, according to the latest report from the Coeur d'Alene Multiple Listing Service.

"Prices continue to be well off of last year's numbers such that the total volume year to year is statistically identical - just over $559.5 million," wrote Pete Faust, Realtor with Century 21 Beutler and Associates.

A quarter of homes on the market sold below $100,000, and 71 percent went below the $200,000 mark. The average days on the market has lowered slightly to 124 days from 128.

"Bank owned and short sales properties continue to influence the market but also continue to sell about as quickly as they come on and so have not created any glut," Faust wrote.

According to the MLS, there have been 612 single-family home sales in Coeur d'Alene and Dalton through November this year, a 6 percent decline. The average sales price was $170,333, a 5 percent fall.

In Post Falls, 436 single-family homes sold through November, down 9 percent, while the average price was $152,139, down 12 percent.

The MLS reported that 255 homes sold in Hayden through the first 11 months of the year, a 9 percent increase. The average sales price was $198,204, a 12 percent decrease.

And in Rathdrum, Twin Lakes and Hauser, 112 single-family homes sold through November, a 15 percent hike, while the average price fell 1 percent to $152,434.

Total residential sales reported to the MLS for the first 11 months of this year, including Shoshone, Bonner, Boundary and Benewah counties, total 1,843, up 5 percent from the same time last year.

New construction housing accounted for 11 percent of single-family home sales so far this year, compared to 16 percent last year.

Waterfront home sales at 118 sold are up 31 percent, while the average sales price fell 1 percent to $611,927.

The MLS reported 3,175 residential listings, down 10 percent from one year ago.

"Folks are warning about a flood of bank owned homes coming into the market next year but that is primarily back east where the courts have temporarily kept homes out of foreclosure due to bank errors which, when corrected, will allow a backlog of inventory to appear for sale," Faust wrote.