Continued improvement seen locally

Far from a speeding train metaphor, yet the local real estate market continues to show improvement. Staff at the Coeur d'Alene Multiple Listing Service has completed the year-to-date statistical analysis and we are maintaining the 4 percent increase we first saw months ago.

Some areas fared better than others with Coeur d'Alene and Dalton showing an increase in average price of 12 percent over last year and a 3 percent increase in the number of sales. In fact, prices are up in the three largest panhandle cities with Hayden and Post Falls showing price improvement even though activity fell slightly in both towns so far this year-to-date. North Kootenai County showed a dramatic drop while Southern Kootenai County showed significant improvement. As we often state; a few sales makes a big difference in these small communities so we don't see any cause for alarm or celebration there.

Throughout Kootenai County we see an average decrease in the number of sales of 4 percent (11 sales) but our prices appear to be improving a bit with the average in the county up 6 percent from last year. Again, the trend for your neighborhood may be different so ask your Realtor for the facts.

Our neighbors in the Silver Valley are pleased to see a dramatic increase in activity over last year at this time. Sales there were up 32 percent over last year albeit at an average price that is 5 percent lower. Bonner/Boundary counties continue to support that we may be seeing a return of second home buyers. Their sales exceed last year's performance so far by 28 percent with a 9 percent increase in average price. Benewah County saw an increase in activity too, posting a 14 percent improvement over last year's sales but some low end sales brought down their average price by 13 percent.

Add in our Washington counties and their average prices and activity bring our average for the entire MLS, single family homes to a 4 percent gain in number of sales and a 4 percent increase in average price. We like these numbers because collectively they provide a truer picture of our market.

Sales of distressed properties are up slightly from last year too, but not at the rate predicted by some of the "shadow inventory" doomsayers. The increase in number of sales we are seeing is bound to apply to those properties as well and in fact, those sales increases at just over 3 percent are less than the 4 percent enjoyed by the market as a whole. As those properties continue to attract bargain hunter buyers and investors, a scarcity will develop which will strengthen prices in all sectors.

The activity differs by property type of course. Single family homes on their own lots make up the bulk of our figures but we saw a surge in homes on acreage this year-to-date. Sales of this type increased by 61 percent although their average price was down by 11 percent at $241,522.

Activity in condo sales dropped from last year at this time, perhaps due to the average price improvement of 20 percent over this time last year. The market responded differently to waterfront properties with sales activity increasing by 32 percent likely due to a 30 percent decline in the average price. We suspect that this activity too, is due in part to second home buyers anxious to get in before the inevitable price adjustment due to supply and demand.

Manufactured homes in parks attracted more buyers too, with prices 10 percent below last year as did manufactured homes on acreage, up in numbers and down in price.

Coeur d'Alene has been noticed on a national level too with the recent announcement by the National Association of Home Builders that Coeur d'Alene is one of the top 101 markets where home values are improving.

As always, your Realtor has the data that will help you decide what to do in your neighborhood. Stay tuned, it looks like we are on the way up.

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.