We are holding our own

Interest rate changes last week were inconsequential, moving up to 4.4 from 4.39 percent the previous week. This offers buyers some stability, however fleeting it may be.

Our July figures show the market still strong. Many of the offers to purchase written in June, when interest rates began their ascent, have not been recorded as of yet, so their true impact cannot be known. For now at least, the market is still strong and sales brisk as buyers compete for available homes.

We are maintaining a strong lead over 2012 with 37 percent more sales of homes in Coeur d'Alene and Dalton this year to date. The average price of those homes increased to $199,428 from last year's $186,339.

Demand for homes was high in Post Falls too. That market segment enjoyed an increase of 30 percent in home sales at an average price of $179,592, up from 2012's $157,838 or 14 percent. We still are apprehensive about the Sept. 30 expiration of USDA financing for Post Falls but the National Association of Realtors continues its lobbying efforts to retain the Rural Development designation for America's rural communities. With Congress in recess, the outcome won't likely be known until the deadline for funding is at or near expiration.

Houses in Hayden continue to sell well. By comparison their 10 percent increase may seem modest but their increase in average sale price is a respectable 12 percent, up from a 2012 average of $212,217 to $236,850.

The Rathdrum/Twin Lakes/Hauser areas remained flat with one fewer sale this year than last. Folks there will be encouraged though by the increase in average price of 9 percent when compared to last year at this time. On average a home there will now cost you $153,940.

North Kootenai County, which is calculated separately, has shown a surge of activity this year with an 88 percent improvement, moving from 17-year to date sales last year to nearly double that with 32 as of July 2013. Their new average price is up 41 percent at $146,679. South Kootenai County with its waterfront inventory also posted respectable gains by selling 40 percent more homes at an average price of $383,733. That is $100,200 off from last year's average of $483,933, but given the low number of total sales, just one or two homes can make a big difference in the reported average price. Total sales in this geography were 21 homes. Last year there were 15.

Bonner and Boundary counties' figures show they may be on a slower path to recovery. Although we do not enjoy the benefit of 100 percent reporting from that area, our figures are compiled from data reported by a majority of agents there who are members of our Multiple Listing Service. Those members report 5 percent fewer sales, down from 108 to 103 with an average price off 2 percent from last year at July's end. That average price this year is $160,628.

So far this year we have sold half the number of million dollar plus homes as last year. This could be indicative of a lack of inventory and due to many properties formerly in that price range that have fallen below during the recent market adjustment. Sales of homes priced from $500,000 to $1 million are on track with last year while homes from $100,000 to $500,000 show significant increases in activity.

Overall, our MLS shows a total market increase in single family homes with a 20 percent increase over last year and a dollar volume that is 19.7 percent higher. The number of sales of vacant lots increased by 42 percent, land of 1-10 acres by 11.5 percent, while parcels above 10 acres slipped about 7 percent.

The commercial/investment property sector is showing signs of recovery too, with this year's total number of transactions increasing by just over 18 percent.

As always, your best source for an analysis of your property is your Realtor.

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.