Great news!…. The overall real estate trends continue to improve here in the Coeur d’Alene area. We are closing in on about four or five months of slow and steady improvements from the number of sales to the levels of current inventory. I am a big supply and demand guy coming from my old econ roots and we have consistently reported stronger sales (Demand) and lower inventories (Number of homes on the market) and over time that can only mean one thing ….. prices will begin to stabilize or improve. Last month was no exception.
In March 2012 as compared to March 2011 we saw the number of home sales increase 13.7% and looking forward for the same time period the number of pending home sales increased 24.1%. 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 increased 44.4% from this same time period last year.
As far and inventories go, we continue to see marked improvement there as well. The number of listings on the market in March 2012 as compared to March 2011 is down 9.2 and the number of new listings that have come on-line last month is down 10%.
So what has this done for prices? Well the average sales price was down 2.3% and the median sales price was up 1.6% in March compared to the same month last year. One big caveat though, these are the average and median sales price this does not mean that a particular home has gone up in value from this time last year, but that more expensive homes are selling pushing these numbers higher. SEE ENTIRE REPORT HERE