Market continues strong

Last week we surmised that the sequester and shutdown that sidelined government workers, coupled with rising interest rates during September, may have impacted our market. Of course, in real estate, it usually takes a month or two to realize impacts of any change in economic climate due to the length of time usually involved from time of acceptance of an offer to the day the transaction finally closes. We are pleased to report that locally at least, our market seems to enjoy the consistent improvement we have witnessed most of the year.

Although all data have not been boiled down at this early date, we are confident our market is holding its own and it appears we will finish out the year strong. By way of comparison, we looked at activity recorded at the end of July, before Fed head Ben Bernanke announced that the Reserve may cease its buying binge of Treasury bonds. That announcement caused interest rates to rise - although modestly by historic standards. This too, well before the standoff on Capital Hill that led to the shutdown that left Federal employees wondering how long they may remain furloughed with no promise of their usually predictable income.

All this unrest had an effect on the nation's housing market as the National Association of Realtors Chief Economist, Lawrence Yun stated last week, slowing the purchase of homes in markets measured by our group.

Our area's resilience has again been demonstrated by our statistics of completed sales at the end of October, compared to sales for the same period last year. By geographical area, there were no real losers. In fact, we saw unilateral increases in numbers of sales over the same period in 2012. Average prices continue to help sellers and once underwater homeowners recover some equity.

Compared to 2012, Coeur d'Alene enjoyed a 33 percent increase in the number of homes sold at an average price that is 8 percent higher. Our July 2013 stats reflect a 7 percent appreciation at that time.

Post Falls activity continued to rise with 30 percent more homes changing hands, however their average price appreciation slowed a bit from the 14 percent reported in July to 10 percent as of October's end.

Hayden's home sales remain at a pace above last year (14 percent) with an average price that is 11 percent higher. In July their price was 12 percent higher so little change there. Of the three largest communities in our Multiple Listing Service geography, Hayden's prices are the highest.

Overall, Kootenai County enjoyed a 28 percent increase in the number of sales and an average price 10 percent above last year - the same average price improvement as reported in July. Some of our rural areas show signs of adjustment in activity although their prices remain elevated from 2012. Rathdrum, which includes Twin Lakes and Hauser for reporting purposes, shows an increase in average price of 14 percent with activity 11 percent greater than last year.

We are pleased that people continue to find our little corner of the world an attractive place to live and are delighted that those affected the most by the recession are seeing their home values return.

Trust an expert ... call a Realtor. To find a Realtor to represent you visit the Coeur d'Alene Association of Realtors website: www.cdarealtors.com. There you can also search available properties in the Multiple Listing Service.

Kim Cooper is a real estate broker, Realtor and the spokesman for the Coeur d'Alene Association of Realtors. Kim and the Association invite your commentary and feedback. You may contact them by calling 667-0664 or by writing to them at 409 W. Neider, Coeur d'Alene, 83814.