We are off to a good start
Figures released Friday by the Coeur d'Alene Association of Realtors Multiple Listing Service show the market moving steadily forward. On the whole, we have generated 10 percent more revenue from real estate sales than during the same period in 2014.
Of course you know that all real estate is local so here is how the market activity breaks out:
Sales of homes in Coeur d'Alene, which includes Dalton Gardens are 6 percent greater than they were at the end of February 2014. The average price of a single family home on less than two acres there is up 10 percent from last year and now stands at $232,104.
Post Falls increased their sales by 28 percent over last year while their average price changed less than 1 percent at $191,255. Their total number of sales for this year at the end of February was 82 compared to 64 in 2014.
The number of homes sold in Hayden and Hayden Lake slipped from 40 to 36 for a net loss of 10 percent, however the average price there, so far this year, is up 2 percent at $249,777.
In the northern part of Kootenai County, dramatic gains continue to be seen. The area that includes Rathdrum, Hauser and Twin Lakes reported just one more sale than last year but the average price shows a whopping 33 percent increase over last year's average. The current average price on a single family home on less than 2 acres there is now $215,482. For Kootenai County as a whole then, we see a 10 percent increase in the total number of homes sold with an overall average price increase of 5 percent.
The Silver Valley is off to a good start with an increase in homes sold although some lower priced properties have moved their average price down. Homebuyers finding it difficult to find housing they can afford in larger towns may consider the commute to the Valley where the average price for a home is just $68,700.
Benewah County activity is starting out a bit slower than last year with just a couple fewer sales but the average price in that county is up a remarkable 54 percent. As mentioned here before, be careful about reading too much into percentages from these under populated areas since just one or two sales can greatly influence the averages.
Turning North to Bonner and Boundary counties we find that, of those agents reporting, sales so far this year are outpacing 2014 by 29 percent with an average price that has increased 11 percent from last year. Their average reported price is now $215,897.
Bargain hunters are still finding some bank owned properties to buy although there are far fewer than a couple of years ago. Sales of foreclosed homes are about the same as last year with 36 sold compared to 37 in 2014. Short sales - homes not in foreclosure but selling for less than is owed - are well below last year with only 6 sales reported compared to 20 at this time last year. This could indicate that fewer homeowners are finding themselves under water with the continued recovery of our local real estate market.
Remember, ask your Realtor for an analysis of your neighborhood. Examining a narrower geography is always enlightening and you may discover that your area bucks the trend reported area wide.
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.