Real estate recovery continues locally

As you no doubt have heard, parts of the country are experiencing growth in the housing market. The same holds true here although, like the nation, our recovering areas are in pockets within our local geography.

We are pleased to continue our favorable reports for the more densely populated portions of our Multiple Listing Service area yet, like many owners there, are still waiting for recovery in the rural portions.

Still, our August sales figures indicate we are steady on the path of growth and we remain optimistic that those areas still waiting for price appreciation are not far behind as evidenced by the increases in sales activity in nearly every neighborhood sector.

For Coeur d'Alene and Dalton Gardens we are still in positive territory when compared to last year, having exceeded our total 2011 sales by 4 percent. Our average single family residence there is 8 percent above last year with a median price that is up 9.

Although we have predicted a downturn in Post Falls' activity should they lose their rural designation due to population growth, they are holding their own so far this year. Even though, at the end of August, their number of sales was spot on with last year's total, their average price has improved by 5 percentage points. The median price of homes there is up by 3 percent.

Hayden too showed significant gains with 14 percent more homes sold there this year than last. Their average price increased by 7 percent when compared to last year with a median price that is 8 percent stronger.

To the north and south, outside the cities, the struggle to regain ground continues. Sales in both areas are well below last year and we cannot predict when they will improve. This lack of activity however is exclusive to those parts of Kootenai County with virtually every other area showing strong activity. Even Benewah County to the south is maintaining last year's level of activity and while their average price slid by 10 percent they posted a gain in median price of 5 percent. One should remember that the median is that middle ground where half the homes sold for more and half for less, different than north of Kootenai County in Bonner and Boundary, we see an 18 percent increase in the number of sales reported to the Coeur d'Alene Multiple Listing Service. While their average price is down - 10 percent from last year - this strong increase in sales is an indication that prices are soon to follow.

The same might be said for the Silver Valley where sales activity is up by 15 percent from the same date last year. Like Bonner and Boundary counties their prices continue to struggle for gain.

Looking at the residential market overall and judging its economic impact, we can see a lot to be positive about. With only a 7.8 percent increase in our number of sales our dollar volume has increased by more than 20 percent, translating to an additional $83 million in revenue. Our overall residential totals also show that our average sales price has improved by nearly 12 percent over last year.

Our commercial activity reflects a similar, spotty trend. Sales of businesses with their own building and land are over double last year and well over our reported sales in 2010. Sales of commercial buildings without an accompanying business are not as brisk, showing just over half the amount of activity we experienced last year.

Multi-family properties continue to attract investors. With few available properties on the market competition is stiff and sales increased about a million dollars over last year at this date. Saddled with the lackluster performance of vacant commercial buildings then, the totals for investment properties, although higher in number brought in less revenue than last year.

Our diminishing inventory, or total number of all types of listings, is now nearly 12 percent below last year. This is an indication that price increases cannot be far away.

Trust an expert...call a Realtor. To find a Realtor to represent you visit the Coeur d'Alene Association of Realtors website; www.cdarealtors.com. There you can also search available properties in the Multiple Listing Service.

Kim Cooper is a real estate broker, Realtor and the spokesman for the Coeur d'Alene Association of Realtors. Kim and the association invite your commentary and feedback. You may contact them by calling 667-0664 or by writing to them at 409 W. Neider, Coeur d'Alene, ID 83814.