Market still improved
Sales of bank owned and short sale properties continued their decline through the first quarter of the year. Our year to date sales of foreclosed properties as of the end of March in 2013 were 28 percent higher than this year. Short sales - where a seller sells for less than is owed without going to foreclosure - are down 24 percent.
You can still find properties in limbo though. Many neighborhoods have homes that have been sitting vacant, sometimes for years, with no listing activity. Many of these bank-owned properties or "shadow inventory" will be on the market sometime, but no-one knows how many, or how soon we will see them on the market. Meanwhile, we are pleased to see a decrease in activity there as other market segments continue to rise.
The price appreciation in Kootenai County is maintaining a steady 11 percent improvement over last year even as the increase in number of sales slows in some cities. In Coeur d'Alene we have sold just 3 percent more single family homes on lots smaller than 2 acres, than we had last year at this time. Still any increase is good over one of our best years in recent memory. The average price increase in Coeur d'Alene was 9 percent ahead of last year.
Post Falls posted a 5 percent gain in number of sales. No doubt the extension of the USDA's popular Rural Development loan will continue to help them. Their average price is in line with the Kootenai County average increase of 11 percent.
For the larger cities in our service area, Hayden showed the best performance as far as increased number of sales year over year. The total sales there are 6 percent greater than last year with an average price increase of 9 percent, so that market appears to remain strong.
Our grouping of smaller communities, Rathdrum/Hauser/Twin Lakes, into one reporting area makes it hard to determine where exactly the growth is, but judging from their activity so far this year they are off to a better start than anywhere in the Coeur d'Alene Multiple Listing Service. That area shows a 72 percent increase in number of sales at an average price that is 24 percent higher than last year! The RD loan may be having some impact there as well, but for an area that was last to improve it seems they are not only on board but may be in the driver's seat.
The Silver Valley is maintaining its recovery, also seen later than the cities' growth. Although they are off by a couple of sales from last year, their pace appears steady and indicates the worst is over there as well.
Bonner and Boundary County showed some new strength in first quarter. Even with sales at a dead heat with last year their average price is up a respectable 18 percent. Lots of new industry in Sandpoint should lead to more growth this year.
So as a total, our MLS reports a 5 percent increase in single family home sales and an average price that is ahead of last year by a solid 11 percent. We are excited to be off to another good start.
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.