Shining signs from real estate market
<p>Jenelle Klontz, a real estate agent with Coldwell Banker Schneidmiller Realty, goes over paperwork with Justin Morrison, a potential client for a new custom home, during a meeting Tuesday at the model home in the Tullamore project in Post Falls.</p>
Kootenai County's real estate market continues to show signs of a recovery that began last year.
Single-family home sales countywide have increased 10 percent (188 to 206) compared to last year through the end of February, according to the latest Coeur d'Alene Multiple Listing Service report.
There were 267 single-family sales throughout all of North Idaho through February - the most for that time since 405 were sold in 2006, the last of the "bubble" years.
Meanwhile, the average Kootenai County home price has increased 5 percent ($171,367 to $179,513) compared to this time last year and the median price has jumped 10 percent ($146,500 to $161,375), the report states.
"The statistics are showing the turn in the market," said Joel Elgee of Coldwell Banker Schneidmiller Realty. "The bottom of the market is approximately one year behind us. Price appreciation of 10 percent year-to-date is the clearest indicator that we're seeing a market recovery and that for those who have been waiting to sell, now is a great time to put your home on the market."
The largest increase in home sales has been in the $100,000 to $199,000 range, which increased 49 percent (175 to 207).
"Homes under $150,000 in most areas are selling quickly; this continues to be a seller's market," said Jennifer Smock, managing broker for Windermere Coeur d'Alene Realty.
Smock said homes in the $160,000 to $250,000 range have been a "very stable" market and, in the past three months, 25 homes priced more than $500,000 have sold.
"This in an encouraging sign for the summer months to come," she said.
Inventory is down in North Idaho compared to last year.
Total listings are down 12 percent - 5,567 to 4,900 - and residential listings are down 16 percent - 2,783 to 2,337, the report states.
"The market is not glutted and sellers are able to get a better price," said Pete Faust of Century 21 Beutler and Associates.
Foreclosure sales continued their downward spiral as what occurred from 2011 to 2012 when they dropped 35 percent. They've decreased from 108 at this time last year to 61 this year, while short sales increased from 27 to 30.
Rising prices in most markets this year also continues a trend that started last year. The year-to-year median price jumped in 2012 (6 percent) for the first time since 2006.
For individual cities this year, the average price for listings in Coeur d'Alene/Dalton Gardens increased 4 percent from $186,435 to $192,990 and the median price 8 percent from $157,500 to $169,750.
The average price in Post Falls jumped 14 percent from $140,894 to $160,514, while the median price jumped 13 percent from $133,000 to $150,000.
In Hayden, the average price decreased 2 percent from $204,311 to $200,050 and the median price increased 5 percent from $162,500 to $170,150.
For Rathdrum/Twin Lakes/Hauser, the average listing price was down 11 percent from $132,638 to $117,441 and the median dropped 21 percent from $121,000 to $95,000.
Elgee cautioned that statistics early in the year tend to be more volatile than year-end numbers due to not as much sales history, but he said the numbers overall still point toward positive signs.
"All of the statistics unequivocally point to market recovery and that the bottom of the real estate market is behind us," he said.