Good news
Last week we saw home loan interest rates reach an all time low. Rates for 30-year conventional loans hit 3.82 percent. That is the lowest rate since these long-term loans were first offered in the 1950s. This is great news for homebuyers looking for the best deals. Many, still waiting for the "bottom" of the market may find they have missed it if the preliminary April figures from the Coeur d'Alene Multiple Listing Service prove accurate.
These figures show a drop in sales of foreclosed homes as a percentage of our total sales. Down from half our sales at this time last year to 45 percent of sales now. This is for the category, "all residential" so includes everything from manufactured homes on leased lots to luxury homes and yes, we have seen luxury home foreclosure sales as well. No one was exempt from the recession.
Another sign of improvement is the movement in the market. Last year at this time we were lagging behind 2010, even though at year's end we had exceeded that prior year's performance. It appears that, as of today, we are dead on track with 2010 year to date and should this trend continue, will have no trouble exceeding last year's overall numbers.
As it stands right now - and these numbers are preliminary - homes in the Coeur d'Alene/Dalton area are emerging most quickly from the doldrums of the past several years. Our figures reflect a 16 percent increase in average price over the same period in 2011 with an increase of 13 percentage points in total number of sales. In 2011 by this time we had sold 171 Coeur d'Alene and Dalton neighborhood homes while this year we have sold 193. At this early date this number could be greater as all data input may not have been completed at the time of publication.
Post Falls is holding its own and for the first time in recent memory, we can report no losses or gains in that area. We sold 135 homes last year in that area by April's end and exactly the same number (135) were reported as of this date in 2012. Prices remain flat there with an average of $149,497 for a single family home on its own lot.
The number of sales in Hayden fell slightly but their average price improved by 6 percent to $212,231 when compared to last April's average.
Our neighbors to the north continue to struggle to fight their way out of the recession. Sales are down in number for the Rathdrum, Twin Lakes, Hauser area with an average price that is 15 percent less than last year at this same time.
The Silver Valley agents have been a little busier this year showing a 13 percent increase in number of homes sold, yet their average price continues to lag, showing this year's average 12 percent below last year.
Bonner and Boundary counties continue their improvement with an average price increase of 7 percent while production is up by 8 percent.
When we look at the entire MLS area of reporting, which includes parts of Eastern Washington, we are encouraged to see that overall, we have experienced a 7.8 percent increase in sales activity and an 11 percent increase in total dollar volume sold. You may recall that last year, although sales for the year increased, our dollar volume actually fell by 1.1 percent.
Sales of waterfront homes YTD appear brisk with performance at 61 percent higher than last year, no doubt driven by the discounts found there with the average price at 74 percent of last year's average.
Commercial and investment property sales reported to the MLS so far show that 2011 is a stand out for the last three years, exceeding the performance of 2010 and 2012 through April. Our commercial agents too are reporting more activity however, so there is cause for some optimism as business gets moving again.
As always, find a knowledgeable Realtor to ask about performance in the areas that concern you. They have the tools to analyze a particular property for you to help you make the right move.
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.