Contrary conditions
The predominate theory about real estate is that after school starts the market slows down. Our year-to-date statistics prove that conventional wisdom may be rooted in theory rather than fact. Prices are up and activity was steady throughout September of this year. Most geographies posted gains in production and in average price.
One exception to volume increases was Hayden where exactly the same number of sales were reported at the end of September this year as last. However their average price increased a respectable 8 percent over 2015’s average price. You will remember that Hayden and Coeur d’Alene have both been in negative territory the last several months posting fewer sales than in 2015. September however brought Hayden into neutral territory and Coeur d’Alene exceeded last year’s production by 1 percent suggesting a possible surge in activity. The average Coeur d’Alene price for a 3-bedroom 2-bath site built home is now $255,384, also 8 percent higher than last year.
Post Falls continues its impressive progress selling 19 percent more homes this year than last as of September’s end. The average price there is now 10 percent higher than last year at $221,478. Our other bastion of new construction Rathdrum is 24 percent ahead in number of homes sold with an average price nearly equal to Post Falls ($221,712), but costing just 5 percent more than the same fictional house last year.
New construction is playing an ever-increasing role in our total numbers. In August, those brand-new homes accounted for 19 percent of our total sales while in September that number grew to 21 percent. That means just over one in five of our home sales in the Coeur d’Alene Multiple Listing Service is a brand-new home.
Volume gains in all parts of Kootenai County put us ahead of last year — 9 percent overall. The average home price in Kootenai County now is $248,950, which is 6 percent more than our example house would cost in 2015.
The Silver Valley, Bonner and Boundary counties all continue to report gains over last year with the Silver Valley Realtors reporting an increase in the number of homes sold 6 percent higher while our neighbor to the north reported a 4 percent increase in their number of sales. The average Silver Valley home is now $100,398 or 19 percent more than last year.
Foreclosure sales continue to account for less than half the amount of sales they did last year while short sales are down 25 percent. Buyers seeking those properties are finding pretty slim pickings when compared to recent years in North Idaho.
As always ask your Realtor to run the numbers for your particular property. Even in a town reporting large increases, your neighborhood could be losing ground or vice versa.
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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.