No interest in interest rates?

Six consecutive weeks of increasing mortgage interest rates may have an impact on the real estate market but you can not see it in our most recent statistics. On Friday staff at the Coeur d’Alene Association of Realtors’ Multiple Listing Service showed a market that is steadily growing. Just take a look at what these cities reported at the end of November:

Coeur d’Alene and Dalton Gardens show an 8 percent increase in average price over 2015 with sales activity that is just 4 percent higher than last year. Hayden/Hayden Lake also reported an 8 percent increase with 5 percent more houses sold than at this time last year.

New construction sales reported to our MLS continue to represent 19 percent of our totals or about one in five sales. That helps Post Falls post a gain of 18 percent more houses sold at an average price 10 percent higher than last year. Rathdrum beat them though with a healthy 23 percent increase in the number of homes sold. The average price there increased 8 percent keeping pace with Coeur d’Alene, Dalton and Hayden appreciation.

Here’s a performer; North Kootenai County homes on less than 2 acres built on-site that are not in Rathdrum, Twin Lakes or Hauser increased their number of total year-to-date sales by 28 percent. The average price for an average home there is up 9 percent when compared to last year’s average.

Overall, Kootenai County’s performance exceeded last year in the number of sales by 11 percent with an average countywide price that is 5 percent higher than 2015.

We have enjoyed watching our peers in the Silver Valley accelerate their performance this year and the figures from last month show they too are sustaining their long awaited growth. Last month they exceeded last year’s performance by 16 percent in the number of houses sold and their average price rose 15 percent.

Moving farther North now to Bonner and Boundary counties, we see another increase in their number of sales but a slight decrease in their average price. Sales are up 6 percent but the average price of those homes sold fell by 3 percent. Their median price however is 8 percent higher than last year. Averages include an overall comparison of price while median is determined by the number that half sold above and half sold below. Keep an eye on this market as a better-than-average ski season could mean better-than-average prices as winter brings snow sports enthusiasts to the Schweitzer basin.

So what about homes on more than a typical city lot? Homes on acreage noted a slight (1 percent) decline in number while the average price increased nearly 11 percent. Inventory overall is still lower than last year with fewer available properties on the market in all categories.

Interest in investment properties remains high with lower-than-usual vacancy rates. Our multi-family sales volume is up over 30 percent from last year.

Ask your Realtor member to evaluate your property. Just because we report positives here does not necessarily mean your property has gained.

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.