More improvement seen in local real estate

Gosh it feels good to be able to report more positive news on the Coeur d'Alene real estate market.

We are still getting used to this year's positive results after so many months (years) of reporting falling prices. Our hopes are high that our outlying areas will soon join in. With nearly 12 percent fewer listings than at this time last year, the indication is that inventory is disappearing, which of course, makes competition heat up.

Coeur d'Alene/Dalton Gardens continues to shine as the Multiple Listing Service reports another month of appreciation. Our average price there for a single family home is up 9 percent over last year at this time. This market improvement is supported by the 5 percent increase in the number of sales.

Rather than being flat, or decreasing in average price, Post Falls showed an average price improvement of 2 percent over last year's average, even though there were 13 fewer sales there. Last year our Realtor members facilitated the exchange of 240 single family homes in Post Falls, this year just 228. Still it's nice for owners of site-built homes to see that increase in price.

Hayden continues to demonstrate its market resiliency too, with improvement in both price and number of sales. The 83835 zip code shows a 6 percent increase in number of sales and a 6 percent increase in average price. This helps bring the Kootenai County totals up with a 7 percent increase in average price and a 1 percent increase in number of site built, single family homes.

Activity was on the increase in the Silver Valley last month with an 11 percent increase in sales for our year-over-year comparison. They are still waiting for their inventory to decrease to a point where it will drive prices a bit as their average remained below last year at 14 percent off 2011 at June's end.

Bonner and Boundary County reporting members showed us that their market improved over last year as well, with 13 percent more activity in single family homes than in the previous year - although their average price remains spot on with 2011. Even so, when we look at the entire geography of the Coeur d'Alene MLS, we are pleased to report a net gain of 2 percent in number of sales and a 5 percent increase in average price.

Looking at the larger picture where all homes are considered; from manufactured housing in parks to the luxury home market we are encouraged even still. Our total number of sales is up 6.5 percent from this time last year and our average price is up four. Further evidence that prices are increasing is presented by our dollar volume total. This year at the end of June we are nearly 11 percent above last year's performance which equates to almost $28 million.

Sixty-seven percent of our home sales are still below $200,000 in price, however that reflects a continued improvement over last year when those homes accounted for more than 70 percent of our sales.

Waterfront homes continue to demonstrate their popularity with sales increasing by 50 percent above last year. It appears people are taking advantage of bargain priced property as the average for these homes remains 24 percent below last year at this time.

A sign of anticipated growth is shown in our sales of Commercial land. Last year was lackluster at best, but this year our commercial practitioners more than quadrupled the dollar volume in that category. Investors have also increased their expenditures in multifamily housing which posted a dollar volume gain in the 7 percent range.

All in all, it is looking like a recovery is under way in many of our areas. When the rest of our member areas come around we will then consider it a true recovery.

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.