Sales surpass 2007

Sales of homes in the Coeur d'Alene Multiple Listing Service continued to be brisk through June. Our staff reports that we have surpassed Year to Date sales made in 2007, the year before the dramatic slide took place. As of June 30, 2013, we had recorded 1,241 single family home sales. At the end of June in 2007 we had sold 1,167. Even though that puts us 6 percent ahead of 2007, our June numbers put us 24 percent ahead of last year, demonstrating a very respectable recovery.

Coeur d'Alene and Dalton report a 36 percent increase in their number of single family homes sold with the average price increase now up 6 percent from last year at $198,951. This is compared to a 4 percent increase from May 2012 to May 2013. With all types of residences in the mix and all geographic areas within our MLS, we are 22.6 percent ahead of last year in our number of sales and our average price is up 2.5 percent. The median price for this category is up 8.3 percent.

Post Falls reports an increase in activity of 26 percent and their average price is up by 13 percent to $176,375. Hayden's average price increased over last year by 8 percent with an increase of 11 percent in home sale volume. Their new average price of sold homes is $233,255. Rathdrum showed an average price increase of 3 percent, to $146,554 but their volume is below last year with six fewer homes sold in the area that includes Twin and Hauser lakes.

The Silver Valley is maintaining its progress over last year. Their sales activity is up by 11 percent while their average price is now 39 percent over last June and up from a YTD May increase of 29 percent at $89,307.

Sales of foreclosed properties and lender approved short sales are off. Last year at the end of June we had sold 290 foreclosed properties, this year just 182. Short sale volume fell from 117 to 105 units and both categories showed their average sale price increasing over last year.

Our inventory remains down with nearly 8 percent fewer homes on the market than at this time last year, even with a significant increase in listing activity last month. In fact, all listing types are down with a nearly 10 percent decrease in total inventory when compared to the same time last year.

Large land parcel sales have picked up a bit, from 40 last year to 44 this year, but our sales of building lots have taken off. This year we have sold 98 lots compared to 61 last year which reflects nearly a 48 percent increase, a signal that new construction will continue. Last year new homes accounted for 10 percent of our residential homes on lots where this year that percentage has increased to 15.

Our highest volume of residential sales fell within the $100,000-199,000 range with homes $200,000-299,000 coming in a strong second, well ahead of homes under $100,000. Sales of homes costing more than $300,000 were also ahead of last year but housing over $500,000 showed little improvement. Homes more than $1,000,000 with closed contracts prior to June 30, were half what they were last year. Waterfront homes at that early point of summer were somewhat lackluster as well with 14 percent fewer sales than in 2012 and those at 11 percent below last year's average price.

Time will tell whether these early summer figures project the balance of the year. The rise in interest rates for home mortgages, now at 4.5 percent, came too late to affect these June figures. Most of the business written at the higher rates will not close until late July or in August. Predicted warmer weather for the balance of the month may stimulate some waterfront sales and given their small percentage of our totals, a few could make quite a difference.

Overall though, the market appears healthy. Our residential transactions alone this year account for nearly $70,000,000 more than last year at this time which indicates, at least locally, our economy may be improving.

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.