Where market slows prices still rise
One would have to bet that when fewer homes are for sale, fewer will sell. That would be a safe bet in most environments. In fact, that appears to be the case in the Coeur d’Alene market where 8 percent fewer listings led to a 6 percent decline in number of homes sold when compared to last year. Unless otherwise attributed the figures reported here are of single-family homes on less than 2 acres of land. Still demand remains high and the average price for a like dwelling will cost a buyer 14 percent more on average than it did last year at $293,145.
Other areas have fared better but not due to a surplus of inventory. Sales in Post Falls for example have been 3 percent higher so far this year, even though its inventory is 13 percent below last year’s available housing. Their average price has increased by 9 percent from the previous year and as of the end of July was $252,076. Hayden inventory was way off from last year with 26 percent fewer homes on the market, yet it sold 17 percent more homes this year than last as of the end of last month. The average price there jumped a mere 2 percent over last year settling at $346,097.
Rathdrum/Twin Lakes inventory is down a whopping 36 percent contributing to a 15 percent decline in the number of houses sold this year when compared to 2016. Still the prices there continue to escalate with our sample home now costing an average of $258,762 or 19 percent more than last year’s average.
In the Silver Valley, sales nearly doubled even though inventory is 10 percent below last year. The average price of homes there though are significantly lower — 30 percent — but with fewer than 30 homes sold so far it is easy to see how a few low-priced sales could easily drag down the average.
Turning to the north we see Bonner and Boundary counties report a 40 percent increase in the number of homes sold with inventory running 19 percent below 2016. The average price in those counties rose by 13 percent over the previous year as of the end of July at $239,300.
Turning now to other types of properties and how they are performing this year, we see manufactured homes on leased land are moving, but at lower prices than last year. There are 12 percent fewer of these homes listed in the Coeur d’Alene Multiple Listing Service, yet sales have increased by 30 percent with an average price that is 3 percent less than last year.
Taking our reporting to the other extreme, the inventory of waterfront homes for sale is actually 4 percent higher than at this time last year. Sales of those homes is 8 percent greater and the average price is up by 20 percent at $605,511.
Homes of all types above $500,000 continue to languish on the market as buyers remain in control of those pricier homes. Supply continues to exceed demand with over an eight-month supply in the $500-600,000 range and even more supply in the higher ranges. As reported here often, more than a five-month supply is considered by us to be a buyer’s market where less than that puts the seller in charge.
To find out where the supply is — including days on market — ask your Realtor how homes in your price range are performing.
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.
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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.