Ripples of recovery beginning to show
Folks in Idaho's Silver Valley appear to be getting some relief - finally. The uptick in the housing market enjoyed by us in the more densely populated areas is spreading to our rural communities. As predicted, a modest decrease in unemployment has improved the Valley's real estate market. According to Alivia Metz, of the Idaho Department of Labor, February unemployment figures showed a 1.5 percent decline in the Silver Valley. Although not stellar, this late winter figure could imply a further drop as springtime jobs put more valley residents to work.
The latest statistics provided by the Coeur d'Alene Multiple Listing Service show the number of sales even, to slightly above, last year in the Silver Valley, but the average price increase tells the story we have been waiting to hear. When compared to last year the average price of a home there increased by 56 percent! As if to validate this increase, their median price also exceeded last year's market by over 100 percent, moving from $40,000 to $82,500. Sure, this could be an anomaly - one high priced sale could make a big difference in small numbers - but we are delighted to see improvement.
Numbers to the North showed signs of stability with Bonner and Boundary County reporting average prices spot on with last year. Although they enjoyed slightly fewer sales, their prices are holding and their median price rose a respectable 9 percent over last year's median according to MLS statistics. North Kootenai County shows some gains and the dropping prices in Rathdrum, Hauser and Twin Lakes seems to have slowed with their average just 2 percent below the same period in 2012.
Coeur d'Alene and Dalton lead the way in increased sales as any agent will tell you. Our number of sales year-to-date is 21 percent ahead of last year with an increased average price that is 5 percent higher at $193,705. Our median reflects an increase of 12 percent. Post Falls also improved with sales there increasing by 13 percent at an average price increase of 11 percent above last year at this time. The president's recent resolution has extended the Rural Development loan program in Post Falls, through September, which should continue to strengthen that activity.
Hayden is still strong with just three fewer homes sold than last year. Their prices are holding too, as they increased 2 percent over last year's first quarter. This, after ending last year 7 percent higher than in 2011.
Providing encouragement that construction jobs will continue to bolster our economy, sales of vacant lots are running 74 percent higher than last year when measured in dollars. Look for even more houses to appear as builders look for these acquisitions to pay dividends.
It appears that waterfront properties are still at bargain prices. Sales of those homes showed an insignificant drop in numbers with a modest increase in average price of just 4 percent. With fewer sales, the increase in average price could indicate a renewed interest as summer waxes once again. Although secondary waterfront sales are exactly the same as last year, their average price slipped by 11 percent.
When the entire MLS area is analyzed, our sales of single family homes is up by 7 percent with an average price that is 8 percent higher than at the end of the first quarter of 2012. A decrease in the number of listings continues to challenge agents seeking that perfect property with our available inventory of single family homes diminished by 20 percent from last year-to-date.
If you hold a large parcel of land you have been wanting to sell you may be in luck. Early figures show that interest is renewing for parcels above ten acres. Although our dollar volume of those properties is less than last year, our number of sales shows an increase that may be a sign of improved activity as the last of the snow vacates those properties.
So, as the cities lead the way, our rural neighbors are given hope that their market is improving based on our early results.
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