The weather changes, the market does not
Many have long held that the best time to sell real estate is during the summer months when the weather is nice. Some think that people move more when school is out. Although more people list their properties for sale then, a quick look at a summary of our market statistics shows that sales of residences do not fluctuate greatly from month to month. Further investigation reveals that in the winter months, although our inventory declines, our sales price to listing price actually increases.
Now that summer is a not-so-distant memory and the hills are dotted with the fluorescent orange of hopeful hunters, what has changed in our market? The answer, "not much."
We have just issued our latest figures with Year-To-Date trends through September. These figures present us with data that suggests a continuing recovery in condominium and waterfront property sales while nearly everything else continues to lag slightly behind last year. Condo sales increased by 14 percent this year with a 10 percent increase in average price. Waterfront sales increased by 28 percent with an average price 8 percent higher than last year.
Overall, we are maintaining our pace by exceeding last year's volume in numbers although our total dollar volume is down 2 percent from last year. Our average price is down 5 percent in the overall residential category which includes manufactured homes in parks and homes over $1 million in value.
By area for single family homes on less than an acre:
Number Average
Sold Price
Cd'A/Dalton -10% -6%
Post Falls -7% -12%
Hayden +8% -8%
Rathdrum/
Twin Lakes/Hauser +12% -2%
see COOPER, 2
COOPER
from 1
South Kootenai County sales almost doubled with 21 sales compared to 11 last year. This portion of our Multiple Listing Service contains many waterfront properties. Since these properties traditionally include the highest priced properties in our MLS it only takes a few to justify the average price increase there of 42 percent. Last year our average price was $338,682, this year $481,395.
Our analysis reveals that last year we sold a total of 18 properties at more than $1 million where this year there have been 21. This, of course is through September each year.
Our northern members saw an encouraging increase in their number of sales with a 21 percent gain over last year. This was compensated in dollars though as their average price dropped 18 percent when compared to 2010.
Silver Valley agents were busier too, showing a 37 percent increase in sales, yet with an average price decline of 17 percent.
Bonner and Boundary County members increased their activity by 21 percent and managed to hold their pricing averages to under a percent for a 0 percent change.
Benewah County experienced a surge with 29 sales so far this year, compared to 18 at this date last year for a 61 percent gain while their average price fell 15 percent from the 2010 average.
Our brothers and sisters to the West had the largest volume increase of all at 152 percent, although the Washington counties reporting also demonstrated the steepest declines in average price. Buyers there bought properties at a 30 percent discount when compared to last year.
All in all the market is showing some consistency as we enter the fourth quarter. This could mean that stabilization is occurring while prices in most areas seek their bottom. With interest rates, which ticked up slightly two weeks ago, now back at 3.75 percent for a 30-year fixed rate mortgage bargain hunters are finding loans affordable, provided they can qualify for them. Be sure to check out the new, improved Coeur d'Alene Realtors website below, where you can track interest rates clearly posted on our home page.
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.