Local stats buck national trend
On the heels of a Case Schiller report of a decline in real estate sales across the country, our staff at the Coeur d'Alene Multiple Listing Service was quick to prepare an overview of our local market. We are pleased to report that our statistics present a positive picture of our local market. Most of the cities and many rural areas within the MLS jurisdiction report gains, not losses in number of sales and appreciation.
For Coeur d'Alene and Dalton Gardens, which are reported as one area, our preliminary September totals show an increase of 3 percent in the number of homes sold with an average price that is 5 percent higher than last year. Although this falls short of the rapid acceleration of the market seen earlier this year, it is still forward motion where other parts of the country may be showing losses.
Hayden continues to outpace Coeur d'Alene with a 16 percent gain in number of sales with an average price that shows appreciation of 9 percent above last year's average. Post Falls too, fared well by selling 7 percent more homes. They share the same 9 percent increase in average price as Hayden although the Post Falls average home is some $60,000 less than the average Hayden home.
The towns of Rathdrum, Hauser and Twin Lakes, lumped together as one, reported a 16 percent increase in their total number of sales over 2013 as of the end of September. There the average price is up a strong 10 percent over the previous year.
For Kootenai County then, we see a strong finish to the third quarter with our overall numbers exceeding 2013 by 7 percent and an average price increase of 9 percent. Bonner and Boundary counties also showed an increase in numbers of sales with 16 percent more homes sold. Even so, their average price remained flat while the median - that price where half sold above and half below - showed a 10 percent gain.
Shoshone and Benewah counties did not change much year over year. Sales activity declined slightly with the Silver Valley showing zero change in their median price and Benewah showing zero change in average price. The median price in Benewah does illustrate an 8 percent increase. As explained in previous reports, just a couple of sales there affects the percentages dramatically with the small number of total sales.
Interest rates remain favorable for 30-year mortgages with last week's average around 4.13 percent. This, coupled with inventory over 8 percent higher than last year, makes a good formula for buyers. At least for now, the pressure is off as more home choices are available while a stronger stock market presents investors with options other than competing for homes.
Waterfront and secondary waterfront property sales have shown a decline over last year's activity. No doubt this is due in part to the double digit average price increases seen with those types of properties. The average price of a waterfront home sold this year was 32 percent higher than 2013 as secondary waterfront's average improved by 19 percent.
Overall, the first three quarters of 2014 have been another decent year for local real estate. Your Realtor can give you a good analysis of your own real estate by using our statistics to take a look at your specific location. Only members of your local MLS have access to data on sold properties which may differ greatly from the asking prices in your area.
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.