Luxury home market coming back
Even though they account for only 1.4 percent of our total sales, the market for homes priced over a million dollars is making a strong comeback. June totals are in and so far this year we have recorded 31 sales of million dollar plus homes. Last year at this time we had sold but 12.
As prices continue to rise the percentage of our market for homes under $200,000 grows smaller. Last year homes in that category accounted for nearly 57 percent of our residential volume. That number, although reflecting more home sales, has shrunk to just over 50 percent. Available properties in all price ranges are fewer this year with inventory down 8.5 percent overall. This however is an improvement over May with 21 percent more properties available now.
For single family homes on lots smaller than 2 acres here is how the housing market sectors fared in the first half of 2015:
Coeur d'Alene and Dalton Gardens reported a 14 percent increase in the number of homes sold with an average price that is 12 percent higher than 2014. This year's average is $233,018.
Post Falls boasts a 23 percent increase in their number of sales with an average price 5 percent above last year. Their average price is now at $201,100.
Hayden posted a 4 percent increase in homes sold and at an average price 7 percent above the prior year. $277,778 is the new average there.
Rathdrum, Hauser and Twin Lakes report that sales there are up 35 percent from 78 sales in 2014 to 105 this year. The average price for those homes sold is 23 percent above last year at $214,095.
The Silver Valley posted a small 4 percent gain in number of sales but their average price increased by a respectable 17 percent when compared to 2014 for a new average of $90,985.
Bonner and Boundary Counties gained traction with a welcomed 24 percent increase in their number of homes sold at an average price of $230,693 which reflects an improvement of 29 percent.
Overall the Coeur d'Alene Multiple Listing Service reports an average increase in volume of homes 17 percent higher than last year with an average price that is 13 percent higher.
Our sales of distressed residential properties continue to fall. Last year at this time there were 144 foreclosed homes sold. That number this year is 112. Short sales - where homes are sold for less than the mortgage owed - are down significantly as well with 31 reported this year from 68 in 2014.
Multi-family properties continue to be the shining star in commercial and investment properties outpacing 2014 by more than double at 51 units sold so far this year.
Vacant land sales are moving well with waterfront properties also more than double those of last year.
Obviously our market has dramatically improved from a few years ago and continues to do so. A closer analysis is essential though in determining the value of your own property. Your Realtor will help you by accessing data specific to your location. All you have to do is ask.
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