Growth likely to continue
A reader asked last week if we could project what will happen over the next several years. Although we cringe at committing to future performance with all the uncertainty in the world we did take a hard look at the statistics compiled by the Coeur d'Alene Multiple Listing Service - particularly in the area of land sales.
Land sales help us determine builder confidence and their projection for land needed for construction in the foreseeable future. So far this year we are out performing the previous several years with sales of vacant land. These sales reflect anticipated need for homes in subdivisions, homes on acreage and commercial parcels for development of investment properties.
Our sales of vacant lots smaller than an acre have exceeded last year's sales by 10 percent during the first half of the year. With sales of newly constructed homes consistent both years at 16 percent of our total home sales it appears that those lot purchases are intended to maintain our current pace of home building rather than indicating a surge.
Sales of vacant land from one to 10 acres increased by 25 percent. Whether for homes on acreage or minor subdivisions demand for these sized properties has risen for three consecutive years. Sales of parcels more than 10 acres have also improved this year by 25 percent for the same reasons. Like the smaller parcels this reflects the third consecutive year of increased sales.
There is a lot of demand for commercial development for a variety of purposes. Our sales so far this year for vacant commercially zoned parcels is 86 percent above the sales at the same time in 2014. Watch for more development throughout the balance of this year and into next.
Sales of waterfront and secondary waterfront - that which has access to water but does not touch it - are also well up. There should be further development of new homes near our many lakes and streams in North Idaho. We have seen an increase of 48 percent in the purchase of waterfront lots this year and a 40 percent increase in secondary waterfront land when compared to 2014.
So to answer the reader's question, the forecast for the near future looks pretty bright for North Idaho real estate. Of course you need to check with a Realtor to find out exactly what is going on in the specific area where you have an interest. As a part of their membership in the Realtor's association they are provided access to data that allows them to pinpoint a specific area and do an analysis there.
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.