Market stabilization continues
The latest market statistics have been compiled and depending on where you live, you will be pleased or discouraged. As reported with regard to statistics at the end of March, Rathdrum was a strong geographic area of market activity. April's activity shows that the Rathdrum/Twin Lakes average price remained equal to last year while the average price increased a modest 1 percent, indicating stability is reaching them.
The benefit of last year's tax credits is now more apparent than ever with slowdowns in sales and declines in prices, even though interest rates remain very low. Under pressure from foreclosure competition, most other areas of our jurisdiction lost ground, continuing the year to date declines.
For Coeur d'Alene/Dalton we see that activity there, measured by number of residential units sold is down 25 percent when compared to 2010. The average price there is now $161,103 compared to an average price last year of $179,672 or an adjustment of 10 percent.
Post Falls showed slightly better in their number of sales with a 19 percent decline in activity, while their average price dropped 13 percent from $170,916 to $149,344.
North Kootenai County has experienced a sobering 38 percent decline in sales. That number however reflects just five fewer sales than last year with an average price of $154,960, off from an average of $168,900 in 2010 or a 9 percent drop.
Hayden remains the highest valued residential community for the year with an average sale price of $201,076. Although their sales are up 25 percent over last year these sales come at an average loss of just 2 percent when compared to 2010.
Silver Valley homes are also selling at a greater pace with a 54 percent increase this year in number of units sold. Forty homes had exchanged by the end of April, up from 26 at the same time last year. With some of the highest unemployment in the state, the average price there dropped a significant 25 percent in the same time period.
Bonner and Boundary counties fared better with a 44 percent increase in number of houses sold with a price drop an average of 2 percent. Benewah, with their small number of sales showed an increase from nine sales in 2010 to 12 this year representing a 33 percent increase in market activity with a 29 percent decline in average sale price.
The statistics above represent single family homes on less than an acre of land. Our total home sales this year are a bit less disappointing, yet we are still 3.7 percent below the number of sales last year at April's end. Overall too, our average price is off 6.5 percent from the prior year.
Homes on land, while a small part of sales activity (5) continue to be one of our strongest suits for maintaining value. The average price there is actually up 19 percent from 2010. Condo and townhouse sales are gaining ground as well since we continue to see increases in the numbers sold and in the price they are sold for.
For specific information on your property always contact a Realtor member of the Coeur d'Alene Association of Realtors. They pay to have this information tracked and have it available, at their fingertips to respond to your specific questions about your specific property.
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 commentary and feedback. You may contact them by calling 667-0664 or by writing to them at 409 W. Neider, Coeur d'Alene, ID 83814.