More property types gain traction
The hardworking staff of the Coeur d'Alene Multiple Listing Service has completed their statistical analysis of 2013. We are pleased to report that our Commercial, Investment and Large Land categories all gained ground and have joined the recovery.
Sales of commercial buildings with their own land increased by more than 15 percent from those sales in 2012 and produced nearly 30 percent more in dollar volume than that year. Farm and Ranch property sales increased by 40 percent and sales of Commercial land parcels also improved by more than 40 percent with revenue generated about 75 percent higher than in 2012.
Sales of other large vacant land parcels 10 acres or more increased by more than 30 percent. These items indicate that 2014 may bring much needed stabilization to those markets who now join housing in the recovery seen over the last couple of years.
Housing continued to demonstrate stability with improvement over 2012 in all but the Washington counties reporting. Those areas reported a loss of 11 percent in average price while increasing their number sold by 10 percent.
Coeur d'Alene and Dalton finished out the year by moving 31 percent more units of single family homes than in 2012 and at an average price that maintains an 8 percent lead. Post Falls continues to outperform 2012 numbers too, posting a 22 percent increase in houses sold at a value increase on average of 12 percent.
The city of Hayden received 20 percent more completed real estate transactions over the previous year and the average price of a single family home there rose 10 percent by year's end.
Rathdrum/Hauser/Twin Lakes sustained their late recovery by selling 20 percent more houses and increasing their average price by a full 16 percent. The market movement was noticeable in outlying areas too. North Kootenai County nearly doubled 2012 sales with a 97 percent increase at an average price 12 percent above the previous year. South Kootenai County showed an 83 percent increase in units sold at an average price 13 percent higher than 2012.
Silver Valley continued its own recovery by adding 8 percent to its sales volume and improving their average price by 20 percent, making them the leader in price appreciation in 2013. Bonner and Boundary County brokers reporting to our MLS showed a 3 percent increase in units at a respectable 11 percent increase in average price. Benewah County slipped slightly, selling one less home than in 2012 but their average price improved by 7 percentage points.
Looking at the housing market as a whole, from all reporting by members, we outperformed 2012 by 22 percent with an overall average of 11 percent appreciation in average price. When we include all real estate and business opportunity categories in our performance, we outpaced 2012 by more than 17 percent in number of sales and increased revenue volume by more than 23 percent for a gain of $164,000,000. The average sales price in all categories was increased by 5 percent on average.
Remember to ask a Realtor for a report on how things are going in your neighborhood as these averages cover a lot of square miles.
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.