It is getting warmer

Especially in Post Falls. Overall, the Coeur d'Alene Multiple Listing Service reports an increase in activity, but the hot spot so far this year is Post Falls. Preliminary figures this year to date show an increase in the number of sales in that city to be 23 percent above last year at this time. Not only have they exceeded their number of sales, but their average price represents one of the largest improvements at $174,105 for a 16 percent increase over 2012. This increase is second only to Idaho's Silver Valley which continues the recovery reported last month with an average price increase that maintains the previous month's double-digit improvement, now at 30 percent more than last year.

We have long anticipated the arrival of spring in the Valley and the jobs that it would bring. You will recall that we predicted that the re-opening of the Lucky Friday mine and the return of the Superfund workers would provide a much needed stimulus there. Whatever the reason, there is money flowing again and it is welcome by all residents. Now comes the problem. Association of Realtor members are complaining that there are too few homes to choose from. Although the communities of the Silver Valley still have many older, smaller homes available, there are too few of the newer, larger homes that people seem to want.

The construction industry is reacting to this housing shortage and our figures show that sales of new construction throughout our area have increased by 36 percent over last year. Much of that construction is on the Rathdrum Prairie however, which no doubt contributes to the improvement in the Post Falls activity but does little to provide relief to those in the Valley.

Folks looking for bargains in foreclosed properties are having a harder time finding those. Our 2013 sales of lender owned properties stand around 60 percent of last year's sales. The average "repo" price is down modestly - by only about $2,000 - but they are becoming harder to find as are short sale properties, sales of which have decreased by 15 percent.

Sales in other areas also indicate that the recovery in the housing market is here to stay. The combined zip codes of Coeur d'Alene and Dalton Gardens show our number of sales steadily increased with 27 percent more homes changing hands this year than did so last year. The average price there is up 6 percent which, although healthy, appears modest when compared to the Silver Valley and Post Falls.

Hayden real estate is also steady. Although the number of sales remains relatively unchanged over last year, they too have seen a respectable 6 percent increase in the average sale price.

Although Rathdrum, Hauser and Twin Lakes have not seen the early increases in housing sales, the long awaited appreciation of their properties appears to be under way. At the end of last month our year-to-date figures show an average price increase of 9 percent with just five fewer homes sold than last year.

This price appreciation is welcome news to those who have struggled with home ownership, unable to re-finance at today's lower rates due to the rapid depreciation that hit their homes in 2008. Those who did not surrender their keys to foreclosure or short sale are now beginning to see light as their homes gain some lost ground. Many are now able to refinance or sell at a price that will make them whole. Some welcome this opportunity to sell and move up while interest rates continue to hover near their historic bottom.

These figures are surely not so welcomed by homebuyers as the competition for decreasing inventory leads to multiple offers and fewer sellers are willing to drop their prices to make a sale.

To understand the current market value of your property, contact your Realtor. It is their membership dues that enable us to compile this information and all members are provided the resources to access it specific to your neighborhood.

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.