All signs point to fall
Except for the real estate market in North Idaho. Preliminary September sales figures show that the real estate market in Coeur d'Alene and surrounding areas is doing anything but falling. Not only did we maintain the respectable increase over last year reported in recent months, we actually exceeded August's 10 percent increase in average price and ended September, 11 percent above September 2012. Our number of sales in Kootenai County is 30 percent higher than last year at this time.
Coeur d'Alene and Dalton look good with 36 percent more sales and 196 additional transactions this year. Post Falls continues to show strength with a 32 percent improvement and an additional 123 sales closed by the end of September.
Hayden Lake shows an 11 percent improvement in number of sales at an average price 10 percent above last year. The average price for Post Falls increased by 12 percent and Coeur d'Alene by 7. Our biggest average price increase was recorded in North Kootenai County at 23 percent with the Silver Valley a strong second with a 22 percent increase. Sales in both those areas exceeded last year and while Bonner/Boundary counties reported less activity than last year, their average price increased by 8 percent.
The residential market is up everywhere we look in North Idaho. The Rathdrum/Hauser/Twin Lakes area has jumped on board with a 10 percent increase in sales and a 13 percent increase in their average price. Our Eastern Washington members reporting sales show an 11 percent increase in activity but at an average price that is 4 percent below last year's performance.
Homes are still relatively affordable here too. Figures show that the average homebuyer has more income than they need to qualify for an average priced home. Not surprisingly, the bulk of our sales (61 percent) fall into that affordable category of under $199,000. An additional 22.6 percent are between $199,000 and $299,000. Sales of higher priced homes, $500,000 and above, slipped slightly from last year and represent 4.5 percent of our total sales.
Secondary waterfront properties continue to surprise, outperforming last year by more than twice the amount of sales with the average price dropping only about 1 percent. Waterfront homes continue to vie for buyers. At an average price that is 4 percent below last year on average, the number of units sold is 4 percent fewer than last year.
Condo sales continue their advancement and tallied 14 percent more units sold at 168 compared to last year's 148 yet these sales are still at 19 percent below last year. It appears there are some real bargains found in townhome style construction and their 41 percent decline in average price no doubt contributes to the more than doubling of sales. Still, at 24 sales in the first nine months of the year, they do not have much impact on the overall picture.
At this early date the figures are not yet compiled for Commercial and investment properties, but one can't help but notice the new apartments and businesses being built along the cities' arterials.
Overall though, the market looks healthy and fall activity seems as brisk as the morning air. Our MLS totals show all residential sales increased by 20.6 percent accounting for a 25.2 percent increase in dollar volume or an additional $34 million in transaction value compared to the same time last year. 2013 marks the fourth consecutive year of sales increases in our housing market.
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.