More homes come on the market
This property is one of many for sale in Coeur d'Alene.
BILL BULEY/Press
The number of homes for sale in Coeur d'Alene is rising with the arrival of summer.
According to the Coeur d'Alene Regional Realtors, there are 1,114 residential listings in Kootenai County as of July 3. That's well up from 998 a month ago, and an increase of nearly 100 from a year ago.
The median home price was $527,000, up slightly from June 2023, while the number of homes sold through June totaled 1,120, a 7% increase from the same time frame last year.
In Shoshone County, the median home price fell 5.2% to $289,000 in June, and the number of homes sold through June totaled 75, a 6.3% decline from the same month last year. Active residential listings totaled 85 as of July 2, up slightly from one year ago.
Meantime, real estate agents Chad Oakland and Cody Funk of Northwest Realty Group believe a new development will provide affordable homes for locals.
Torrey Pines at the Village Condominiums is a project on Fourth Street just north of Neider Avenue. It has four buildings with 18 units.
Prices range from $355,000 for a two-bedroom, two-and-a-half bathrooms, 1,100-square-foot unit with a one-car garage to $395,000 for a three-bedroom, two-and-a-half bathrooms, 1,494-square-foot unit with a two-car garage.
"We have elected to keep some of these off market and offer them to first responders, local teachers, nurses, and other professionals that may feel left out of this aggressive real estate market," Funk wrote.
It is "owner-occupied only," meaning the units can't be rented out.
Oakland said there has been a lot of talk about the high cost of housing in Kootenai County, which is forcing some to leave the area in search of an affordable place to live.
He said Torrey Pines is a development that offers some solutions.
"We're trying to make a difference," Oakland. said.
Oakland and Funk are also working with a local bank to try and secure affordable interest rates to help locals.
The current average interest rate for a 30-year fixed mortgage was 6.98% Wednesday, according to bankrate.com. The average 15-year refinance interest rate was 6.51%.