Preliminary stats may indicate improvement
Although not complete, the preliminary June figures imply some stability may be returning to the local real estate market. Overall, activity remains below last year. May's figures showed sales off 8 percent while June reflects a 9 percent decline, year over year. Still lagging, due in part to the loss of the tax credit and persistent unemployment, prices remain flat in the county. June statistics show the same 6 percent drop this year to date that was reported at the end of May. Cautious that we might have seen further decline, we are pleased to see no further price erosion in Kootenai County.
Coeur d'Alene prices gained a bit, showing only a 5 percent drop compared to the 7 percent in May's report, reinforcing perhaps that the slipping has slowed. Post Falls average price remained unchanged while the Silver Valley showed continued challenges to pricing, sliding below last month's low as compared to last year although their average price is up $1,000 from last month. Bonner, Boundary and Benewah counties, showed a slowdown in their rate of decline of average prices. This could be an indication of a stabilizing market there.
Condo sales continue to outperform last year both in number of sales and average price. The market for waterfront properties improved as well, with a 24 percent increase in numbers and a 2 percent increase in average price when compared to last year.
The National Association of Realtors has remained optimistic with regard to the latest reports of pending home sales in all parts of the country.
Pending home sales have trended up unevenly since bottoming last June, rising in seven of the past 11 months. "Home sales still could be 15 to 20 percent higher," Yun said. "If banks would simply return to normal sound underwriting standards and begin lending to more creditworthy borrowers, we'd get a much faster recovery in the housing sector."
Yun cautioned that healthy job creation is necessary to ensure a solid recovery in both housing and the overall economy. "The job market has sputtered recently, and because variations in local job creation impact housing demand, markets will recover unevenly around the country," he said.
Locally too, an improvement in the employment picture will only help the real estate market. Those who are employed continue to find bargain prices on homes, land, commercial buildings and on loans. Those who qualify are enjoying the luxury of historically low interest rates that take the pressure off buying immediately, allowing them to take their time in selecting properties.
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.