Market strength continues
2014 continues to outperform the last seven years of our local real estate market, surpassing 2007 production levels.
Sales the first half of the year ending June 30, exceeded 2013 sales by 4 percent with a total of 1332 single family homes sold. These are site built homes on lots under 2 acres in size.
When we consider all residential sales, we show 6 fewer this year but a gain in dollar volume of over $32,000,000 when compared to 2013. Of course this indicates a significant local recovery in our real estate market.
Encouraging too, is the continued reduction of distressed property sales. Sales of bank owned homes have declined 22 percent from last year's total while negotiated shorts sales have dropped by 38 percent. Whether attributed to the HAMP program discussed in last week's column or to the area's low unemployment, or both, the decreases are welcome.
Most of the geography monitored by the staff of our Coeur d'Alene Multiple Listing Service reported good appreciation in the average home price with the exception of North Idaho's Silver Valley and Benewah County. June sales stalled a bit in those locales, but with warmer weather after a record wet June, tourism is predicted to get those markets off and running again. More exposure of course, generates local interest and leads to sales.
North Kootenai County continues to be the big gainer in average price.
Even though sales there are exactly equal to last year, the average price is up by 28 percent. As sales in South Kootenai County declined the average price of that market, with its high percentage of waterfront homes, rose 97 percent with fewer sales indicating the influence of higher priced property distorting the average. Kootenai County as a whole saw a 9 percent gain in the average home price.
Coeur d'Alene/Dalton had a 5 percent increase in year to date sales with a price improvement of 4 percent over 2013. Post Falls sales have been brisk the first half of this year posting an 8 percent increase in number of homes sold and a 9 percent increase in average price. Sales in Hayden also surged ahead of 2013 by 8 percentage points however they showed a greater price improvement of 10 percent over last year.
Rathdrum/Hauser/Twin Lakes, the towns in North Kootenai County, continue to surprise this year. After just six months they have increased 2013's production by 28 percent with an average price that is 16 percent higher than last year.
Bonner and Boundary County members report that their average market price increased 13 percent further demonstrating that this recovery is a regional one.
Our homes under $200,000 continue to drive the market providing 58 percent of our total sales but sales of higher priced homes are gaining ground too. So far this year we have doubled last year's number of homes sold in excess of $1,000,000. Homes in all price ranges are experiencing better activity than seen in 2013 and that activity is getting the attention of previously reluctant sellers. As of the end of June we show 3,488 homes for sale compared to 3,173 last year for a 9.9 percent increase in available inventory. Even so, many entry level buyers report a difficult time finding the right home in their price range.
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