Sales up 19 percent
Even with all the smoke in the air that subdued traffic the past several weeks, our local real estate market continued its solid growth. With August figures tallied, the Coeur d'Alene Multiple Listing Service reports a service area average increase of 19 percent in the number of single family homes on less than two acres sold. Here is how the communities within our MLS fared:
Coeur d'Alene/Dalton showed a 21 percent increase in number of sales over the same period in 2014. The average price there is just 8 percent higher than last year. Post Falls showed a 20 percent increase in volume with an average price that is 4 percent higher than last year's average. Hayden was a bit less dramatic increasing their number of sales 10 percent above last year at an average price 7 percent higher.
Rathdrum, Hauser and Twin Lakes continues to post dramatic increases selling 36 percent more homes at an average price that is 25 percent higher than last year. Much of their performance is in new construction. Even so, new construction only accounts for 15 percent of our total sales which indicates existing home sales are brisk as well. Last year at this time new construction accounted for 16 percent of our total.
Our Silver Valley members continue at a steady pace with a 4 percent increase in units sold and an average price that is 6 percent higher than last year. The members to the north, in Bonner and Boundary counties, showed some nice improvement with a 24 percent increase in number of homes sold at an average price that is 32 percent higher than 2014's average. Benewah County performed
similarly increasing their sales by 22 percent at an average price that is also 32 percent higher than the previous year.
Sales of distressed properties continue to be a shrinking market sector with short sales making up just 2 percent of our total - half of last year - and bank owned properties accounting for just 6 percent of our sales, down from 9 percent last year. Once again all price categories outperformed last year with the exception of homes below $100,000 given the dearth of inventory in that sector.
Sales of manufactured homes are up, whether on their own land or in parks. Condominium sales are up 33 percent. Townhouse sales are up slightly. Sales of waterfront and secondary waterfront homes are showing continued improvement with both categories up better than 25 percent over last year.
Commercial buildings with land are up for the third consecutive year with a 20 percent improvement over 2014. It is important to note that not all commercial sales in the marketplace are reported to the MLS so the actual change may differ somewhat from the statistics reported here.
Vacant land sales whether building lots or acreage parcels are all out-performing last year's sales. If you want to know more about a particular category, county or neighborhood contact your Realtor. They have access to all MLS data and can run the numbers for you.
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.