Encouraging preliminary numbers emerge
On Friday we got a preview of the real estate activity from the Coeur d'Alene Multiple Listing Service that supports our prediction - 2011 outperformed 2010. Although we had been tracking a 4 percent increase in number of units sold, the actual ending number of sales puts us at 5 percent over the previous year.
Although we are encouraged by the increase in the number of sales - an indication that prices are more in line with buyers - we would like to see some more areas posting increases in average sale price. As inventory is sold off those prices will increase however long that may take.
As we continue to iterate, market statistics are specific to areas, so some areas fared better than others. Although our average price for a single family home in most areas was lower than last year, Bonner and Boundary counties eked out an average price that is 3 percent above their 2010 average with a 14 percent increase in total numbers sold.
Most of our areas had better sales numbers with the exception of Coeur d'Alene/Dalton and Post Falls which together dragged the Kootenai County total down 1 percent from last year even though the other areas of the county posted gains.
When we factor in all types of residences our gain in unit volume is 4.9 percent with a total dollar volume loss of 1.1 percent from the total dollars generated in 2010. Overall, our average price is off 5.7 percent from last year. Again, this includes the manufactured homes on rented lots as well as the luxury waterfront homes. In 2010 those sales ranged from $4,000 to $3,050,000 while last year the range was from $5,500 to $2,500,000.
Our average number of days on the market from listing to selling remained fairly consistent with the 2010 average at 130 days compared to 132 days in 2011. If you are contemplating selling a home, that is how long you should expect to wait to move out, provided your home is competitively priced.
Here is how the year played out when compared to last year, keeping in mind that these figures are subject to change as the analysis continues:
(See attached graphic)
This is even more evidence of how markets vary from locale to locale. In areas where fewer numbers of sales drive the statistics it takes fewer sales to dramatically impact the statistical analysis.
Your Realtor has the tools to help you evaluate your neighborhood. When you are thinking about selling, or buying, they can help you determine the best price based on market activity in your specific location.
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.