I am going to start off by apologizing for not writing as frequently as I would have liked. 2014 started off like a bang and we have been hopping ever since. There was and is a strong follow through in Coeur d’Alene home sales this year after a booming 2013. But as I am sitting here writing this and looking at the housing numbers there is a definite difference. 2013 was a year we noticed a significant decline in inventories which helped stabilize prices. Demand came back to us in spades which was the primary driver for the reduction in inventories. But looking into the remainder of 2014 may be a different story.
So far year-to-date tells us that we have had only a slight increase (3%) in sales of single family home built on less than an acre in Kootenai County. Areas such as Rathdrum and Northern Kootenai County showed the biggest lift with 44% and 13% year over year increases, respectively.
Average prices though in this category grew 10% from this time last year and Median Prices grew 6%
Bank Owned Properties and Short Sales continue to decline and only make up 18% of the market in this category, vs. 24% last year.
Probably the greatest improvements we have noticed is that every price point above $200,000 has shown signs of improvements. For instance there were 165 homes that sold in the $300-$499k range last year at this time, vs. 180 homes this year. The same holds true for those priced over $1mm. Last year at this time there were 4 such sales and this year there have been 11.
There do however remain some holes in the market. Waterfront and Secondary Waterfront sales are down 12% and 35% respectively, which is a little surprising as we have had a nicer spring this year versus last. Also Residential sales on acreage (above 2 acres) have declined 21% from this time last year.
Finally one of the biggest keys I have been watching is the sharp increase in inventories. Inventories in residential properties have increased over 15% from this time last year, and 18% in just the last month. As the housing market has improved many people who were unsuccessful in selling their homes during the Great Recession have renewed their interest and are once again on the market. The key going forward is to see if the demand can keep up with the increased supply to help extend the housing recovery in the Coeur d’Alene area. Get the Full Report HERE