Growth continues
So much for the fall slowdown of the real estate market. Well into the school year, hunting season and changing colors we see activity in our local market continuing to outperform the previous year. Staff has just completed and released the latest production statistics for the Coeur d’Alene Multiple Listing Service covering real estate activity in the most populated portion of the Idaho Panhandle.
Virtually all areas reported by members demonstrate increases when compared to the end of October 2015. For Coeur d’Alene and Dalton, we see a 3 percent increase in houses sold but at a price that is 8 percent higher than last year. This maintains the growth rate reported in September for home sales in that area.
Hayden posted a gain of 2 percent in their number of sales with an average price increase of 9 percent. The Rathdrum Prairie continues its meteoric increases with new construction now accounting for 19 percent of our sales. Post Falls increased their sales performance with an increase of 19 percent in volume at an average price of $223,399 which is 10 percent higher than last year’s average. Rathdrum, Hauser, Twin Lakes posted another double digit increase in sales bypassing single family homes sold there in 2015 by 24 percent. The average Rathdrum price increased 7 percent over last year maintaining some affordability although the average home sale there is about a thousand dollars higher than the Post Falls average.
North Kootenai County areas outside Rathdrum, Hauser and Twin Lakes is calculated as its own entity. With 99 homes sold there, the increase over last year is 29 percent higher. The average price is 8 percent above 2015.
Post Falls, Rathdrum and North Kootenai County still qualify for the United States Department of Agriculture’s Rural Development loan which makes it affordable for buyers with little money down to get into a home.
Further North, in Bonner and Boundary counties we see a respectable 8 percent increase in home sales. The average price there though fell by 2 percent or about $5,000.
The Silver Valley is maintaining its pace with a 10 percent increase in the number of homes sold there. Their average price is up too, by 14 percent when compared to October 2015. For each of these areas, the numbers are calculated using sales figures of site built homes on lots that are less than 2 acres in size.
Homes on more than 2 acres, site built and manufactured alike fell a bit from 2015 levels. Staff reports a 3.9 percent decrease in site built homes although their average price exceeds last year by 9.8 percent. Manufactured homes on acreage were off 16.8 percent from last year with an average price that was 13.2 percent higher as of October’s end.
Sales of condominiums are slightly ahead of last year showing a 4.6 percent gain while their average price was up 25.4 percent.
For statistics on other types of real estate or to determine values in your neighborhood contact your Realtor. They have the tools to do the calculations that will help 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.