Markets balance
Buoyed by continued strong growth in Post Falls and the Rathdrum area housing markets — where new construction of single family homes is booming — the Coeur d’Alene Multiple Listing Service reports Kootenai County is 7 percent above the housing sales achieved in 2015 as of the end of August. Overall the average price in our North Idaho market is 5 percent higher than last year while in Kootenai County that number is 4 percent.
This year so far, new construction of single family homes accounts for 19 percent of our total production compared to just 15 percent last year at August’s end. Post Falls and Rathdrum each posted 22 percent increases in total home sales compared to the same period of 2015. The average price of a single family home on less than two acres in Rathdrum was 4 percent higher than 2015 while the average in Post Falls increased by 10 percent.
Significant growth is seen throughout the northern part of Kootenai County with rural community homes on less than two acres in areas outside the cities. Nineteen percent more homes sold at prices on average 15 percent higher than in 2015 in those rural north county areas. Farther north — in Bonner and Boundary counties — the market remains nearly static with a 2 percent decline in the number of homes sold (4) with a 1 percent decline in average price.
Coeur d’Alene and Hayden posted losses in production volume for the second consecutive month. In Coeur d’Alene that means 2 percent fewer (13) homes sold for 8 percent more money than last year as an average. In Hayden their homes sales reflect a decrease of 30 homes compared to 2016 sales at August’s end for a 9 percent decline. The average 2016 price of those Hayden area homes sold was 6 percent higher than last year at this same time.
The Silver Valley continues to enjoy its long awaited recovery, once again posting moderate gains. The year-over-year production there increased by just 3 percent but their average home sale price is up 18 percent when compared to the year-to-date performance of 2015.
We are delighted short sales and foreclosure sales continue to reflect declining numbers in our MLS statistics. At the end of August in 2015 we had sold 168 foreclosures and 38 short sales. This year so far we show a total of 80 foreclosure sales and just 29 homes that sold for less than was owed on them (short sales).
A shortage of inventory continues to trouble would be buyers. Our MLS wide total reveals 6.4 percent fewer homes or 200 less to choose from than were available at this time last year. The lack of existing home inventory is reflected in the declines of those markets where new construction does not dominate.
For a true perspective of what is happening in the real estate world in your market segment contact your Realtor for a pinpoint analysis.
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.