Markets stall
Reports from several national sources were seen and heard last week announcing a bad first quarter for housing. An article on Friday in Business Week stated in part, "Sales of previously owned properties tumbled 7.5 percent in March from the previous year, to the slowest pace in 20 months."
Locally, we do not report 20 months of activity for comparison, but year over year. Somehow, it appears, we must have missed the slowdown as our activity throughout the Coeur d'Alene Multiple Listing Service is steady and prices are continuing to appreciate.
Unlike most of the national reports where March is the latest data, we are pleased to offer fresh, April statistics that we will compare to April 2013. In Coeur d'Alene our number of sales increased in first quarter and through April with 5 percent more homes sold this year than last. Our average price for a single family home in Coeur d'Alene, on its own lot less than 2 acres in size was $208,013 or 7 percent more than at this time last year.
A slow down could be reported for Post Falls and Hayden since both communities sold two less homes than at the same time in 2013. The average prices in both cities rose however, by 7 percent in Post Falls and 8 percent in Hayden. Hardly cause for concern from our perspective as the minimal number difference cold be nothing more than an extra day or two in escrow.
Something we can get excited about though is the continued improvement in the Rathdrum/Hauser/Twin Lakes area. Home sales there increased by 67 percent with an average price that is 20 percent higher than last year.
Overall, Kootenai County sales increased by 5 percent over 2013 with an average increase in value of 9 percent. Our median price increased by 6 percent over the previous year.
Our Bonner and Boundary County members reported exactly the same number of home sales there for a zero percent gain, yet their average price is an impressive 31 percent higher than at this same time in 2013.
The Silver Valley continues to demonstrate its diversity in housing. There, they experienced a 9 percent increase in sales activity but their average price actually dropped 9 percent. We remind you though, that just like all our geographies less dense in population, given the small number of transactions the percentage is easily affected by the prices of just a few.
We continue to see a decrease in the sales of bank owned properties. Our number sold in that category decreased from 99 in 2013 to 62 this year. That 35 percent decrease reinforces that fewer people are losing their homes to foreclosure. Short sales showed a 65 percent decline as we dropped from 133 transactions at this time last year to 47 this year to date.
Sales of newly constructed homes increased slightly showing continued improvement in that market sector. So far, new construction accounts for 17 percent of our transactions compared to 16 percent last year.
Our Commercial and Investment real estate is showing strength this year too. Our total production in that area is now at $40,130,601 compared to $11,650,300 in sales last year at the same date. Even without the $12,000,000 sale of a Washington mobile home park, that is an impressive gain.
So, we agree with the national news about one thing, applications for home loans are down and in some areas that reflects a slowdown in housing. A bigger factor we think, is that many re-financed their homes when interest rates were under 4 percent interest so very few are left in a position where they benefit by refinancing at rates significantly higher.
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.