More data you can use
Last week our statistical summary focused on the single family home market since that is where most of our readers are thought to reside. There is however more to our real estate story and many of you are likely to make use of that information as well.
To recap; in the Coeur d'Alene Multiple Listing Service our total production in single family homes on lots less than two acres was dead even with last year. Our average price for those properties was 16 percent higher than last year. Our median price was 9 percent higher.
Our sale of distressed properties, short sales and bank repossessions, are far fewer than last year. Forty-five percent fewer bank owned homes were sold this year and 33 percent fewer homes sold for less than was owed at the time of sale. This could mean that folks are regaining equity to the point where, if they have to sell, fewer lenders are taking losses. Fewer foreclosures can also mean that there are more buyers in the market, or that the homeowners have been able to work their way out of a difficult situation and avoid foreclosure either through gainful employment, loan modification or a combination of those. Either way, we are glad to see these numbers diminishing.
So far this year, sales of homes on more than two acres have not equaled those of last year. That could be that there are fewer distressed properties available as is reflected in the year to date average price increase of 11 percent over last year.
Sales of waterfront properties experienced a comeback of sorts with a 23 percent rise in activity although the average price of those properties is a modest 2 percent less than last year. Secondary waterfront with only two sales fell short of last year's five but the average price of those two was 45 percent higher than the average of 2013's five sales.
As you might surmise, based on the obvious new construction taking place in the market, sales of vacant lots continue to rise. Even though early in the year, we have seen a 10 percent increase in sales of lots that are under an acre in size. Sales of acreages from one to 10 acres are twice what they were last year and larger parcels show a 20 percent increase over 2013. It looks like land is back in the game.
We also see some selective improvement in our commercial and investment properties. Multi-Family continues to be the strong suit with nearly double the sales this year as compared to last. It is important to note that these transactions typically take longer than residential sales so several recorded this year were actually begun in 2013.
Commercial buildings with land were also over twice what was closed last year by this time which gives our commercial agent members a better outlook on a market that has been slower to adjust than the residential market. Still there are holes to fill in all areas of real estate and as stated here repeatedly, only your Realtor has the information to help you to determine the value of your real estate in your neighborhood.
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.