And the upBeat goes on

The August year-to-date comparisons are complete. As anticipated, the North Idaho real estate market continues to outperform the last several years of activity and prices continue to climb. It appears that shadow inventory is coming into the market albeit at a slow enough pace that it is not dampening prices. Shadow inventory is foreclosed inventory that has been held off the market until a reasonable price can be expected. With our strong current market we have begun to see an increase in foreclosure sales even though we are seeing fewer “notices of default” that indicate pending foreclosure.

As of the end of July we have sold 143 foreclosed properties. These are listed as REO “Yes” in the multiple listing service for those of you seeking foreclosure investments. REO stands for real estate owned which is an adaptation from lender jargon. In 2014 as of the end of July we had sold 169 REO properties. Our short sales; where a property is sold for less than owed are less than half the previous year.

Now on to more normal types of properties. The figures compiled by the Coeur d’Alene Multiple Listing Service indicate that single family homes on lots smaller than two acres are selling at a rate that is 19 percent higher than last year in Coeur d’Alene and Dalton. The average price in that market sector is 10 percent higher than the previous year at $233,734.

In Post Falls the average price is now 5 percent higher than in 2014 but they too have increased their number of sales by 19 percent. Hayden home sales accelerated by 12 percent over last year and they too report a 5 percent increase in average price. Once again the Rathdrum, Hauser and Twin Lakes region outperformed the cities with a 41 percent increase in sales and an average price that is 21 percent higher than last year. It seems that the northern part of Kootenai County is attracting many buyers. Other towns out there report a combined activity in sales of homes on lots that is 81 percent higher than last year with an average price that is 2 percent lower than last year.

Some higher priced homes found in south Kootenai County forced the average price there up by 22 percent while volume grew at 32 percent. The average then for all Kootenai County is a 20 percent increase in number of sales with a county wide average price that is 8 percent higher than at this same time last year.

The Silver Valley is picking up the pace with a 7 percent increase in sales activity. Their average price shows a 3 percent increase over 2014 at July’s end. Benewah County is up 21 percent selling 29 homes this year compared to 24 at this time last year. The average price of those homes is 33 percent higher than the previous year. Bonner and Boundary counties accelerated recently showing an increase in year-to-date volume of 28 percent with an average price of $228,279 which is 27 percent above last year’s average.

Overall the MLS shows our dollar volume compared to 2014 is 31.2 percent higher reflecting the increased price as well as the increased volume for all types of dwellings. In the commercial and investment property arena, land is the big gainer for our area with sales more than double that of last year.

So the market is good and growing. We have seen growth in volume in every price range of single family homes with the exception of homes sold for less than $100,000. If you can find one, buy it!

CORRECTION: In last week’s column we reported the time frame for a prescriptive easement as 5 years. The statute governing this type of easement actually is now 20 years. We apologize for the error.

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.