Every picture tells a story

When it comes to the residential real estate market, stories are varied. In the Coeur d'Alene Multiple Listing Service there are several stories too but they add up to a pretty positive view of local real estate. As you know every market has micro markets (neighborhoods) that make up the whole picture. Our MLS covers a large portion of the Idaho panhandle and when we lump it all together our year to date statistics show continued growth in volume and appreciation.

For the entire MLS, 2015 is starting strong with a 16 percent increase in number of homes sold. This includes only single family homes on lots less than two acres. That average price improved by 7 percent over 2014 at the end of March. Sales of distressed properties - short sales and foreclosed - continue to represent a shrinking percentage of our sales. Although these properties still exist, we have sold 74 percent fewer short sales and 25 percent fewer foreclosed homes this year than last indicating a continuing recovery in our market.

Even though 69 percent of our home sales are of homes costing less than $300,000, we did see some gains in higher priced homes. In homes above that benchmark and up to $500,000 we see an increase over 2014 of 20 percent so far. Homes over $1 million are up 20 percent too from 2014 at this time.

For the Coeur d'Alene/Dalton market we see a volume increase of 5 percent with an average price that is 10 percent higher than last year. Post Falls, although not showing any price improvement, has increased production by 36 percent over the same period last year. Our third largest market Hayden showed no increase in production and a 2 percent dip in average price.

Reaching out into our rural areas we see a variety of micro market statistics that run the gamut. Rathdrum/Twin Lakes/Hauser, who are grouped together for our purposes, show a strength that continues from fourth quarter last year. Their number of sales has increased 22 percent over first quarter 2014 with an average price that is 27 percent higher. Interestingly, North Kootenai County, where those towns are located, showed a drop in average price that is 26 percent lower than last year. Keep in mind however that the decline is an average of only 12 sales - 71 percent more than last year.

South Kootenai County had exactly the same number of sales as last year; six. The average price in that geography was up 42 percent over the previous year which demonstrates how a high priced sale or two can really distort the perspective of a micro market. Even so, for all of Kootenai County 15 percent more homes have been sold so far this year with an average price that is 5 percent higher than 2014.

To the South, Benewah county with nine reported sales (80 percent more than last year) showed an average price that is 32 percent higher in 2015. East, in the Silver Valley, production has risen 18 percent although the average price of homes sold was 6 percent less than the previous first quarter. Again, in these smaller areas, one or two sales makes a big impact on averages.

North of Kootenai County in Bonner and Boundary counties sales remain spot on with last year. Even so, their average price grew by 38 percent. New housing projects there could increase those numbers significantly by end of summer.

Sales of waterfront, land only, properties have doubled over this same time period last year, while sales of waterfront homes has declined slightly. Still, the average waterfront home will cost you an additional 16 percent more than at this time last year. Sales of vacant lots are double the number last year and parcels under 10 acres are beginning to show positive movement.

For statistics regarding your specific neighborhoods contact your Realtor for the true story.

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.