The energy continues to build here in North Idaho. While we understand that a full recovery will take some time it is refreshing to continue to report on a trend of small improvements in the overall real estate market in the Coeur d’Alene area.
In April 2012 as compared to April 2011 we saw the number of home sales increase 7.8%. The number of pending home sales continues to be strong leading into the summer months. Another important note as it relates to demand is that we are seeing more sales above $300,000, a segment of the Coeur d’Alene real estate market that was relatively weak the last few years. In fact the number of sales over $500,000 has nearly doubled from this same time period last year.
The waterfront demand has roared back enticed by lower prices and interest rates. The number of waterfront sales year to date compared to last year is up 64%, while the average sales price for those properties has dropped 26%. We continue to believe that waterfront sales will continue to show strength.
Finally Inventory! The number of residential homes currently on the market are 12.7% less than what was available last year at this time. Again a marked improvement which will go along way to market stability.
I can attest in our own business as well as most of my colleagues we have all noticed a great improvement of interest and activity in the Coeur d’Alene area. A welcome improvement from the recent past.
If you have any questions about the local real estate market, community in general or our relocation and home buying/selling services please give us a call.