Home sales increase in North Idaho - Coeur d'Alene Press: Local News

Home sales increase in North Idaho

MLS reports 800 homes have been sold from Jan. 1 to May 31

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Posted: Friday, June 18, 2010 12:00 am

COEUR d'ALENE - Home sales are on the rise around the five Northern counties so far in 2010, the highest they've been at this point in the year since 2007.

A Multiple Listing Service report shows that 800 homes have been sold around the region from Jan. 1 to May 31 this year, besting last year's total of 585 though the same point.

The total also outpaced the 699 homes sold in 2008, but fell short of matching 2007's total of 887.

"I think it's going to be a fairly strong year, much stronger than last year," said Pete Faust, certified residential specialist for Century 21 Beutler & Associates. "It's a very healthy sign overall as the trend upward seen between 2000 and 2002 appears to be repeating itself in the 2009 and 2010 recovery."

Of the total, 690 of the homes were sold in Kootenai County.

Coeur d'Alene and Dalton Gardens accounted for 294 of those sales. Last year, 197 houses sold in those two towns.

Post Falls has had 227 home sales so far in 2010, better than the 190 it had the year before.

Of the overall totals, 16 percent of the sales were from new construction, while it accounted for 27 percent of 2009 sales.

The homes are getting snapped up quicker, too. The average 'Days on Market' so far this year is down to 101 days from 121 in 2009.

While the overall numbers look good, there are some signs of slowing already.

Market activity slowed at the end of April when tax rebates for first-time and repeat home buyers expired.

More than 200 more homes are on the market in May as compared to April.

Buyers seem to be more price conscious as well, as the average price of a home sold in Kootenai County so far this year is $179,293, an 8 percent drop from 2009, when the average was $195,719.

In Coeur d'Alene and Dalton Gardens, the average home went for $180,481, a 4 percent drop from the $188,663 price the year before.

Post Falls' average price was $176,358, just down from the $178,979 price in 2009.

"People are really starting to take a look at that as far as the market, tending to value price on the home rather than just having an idea of having a certain amount of dollars to spend to buy a house," Faust said. "It's a more realistic market."

Hayden's average home dipped 13 percent from $228,589 to $197,812. A bigger average drop was in Rathdrum/Twin Lakes area, where the price went from $188,606 last year to $144,627 this year, a 23 percent reduction.

Homes are still available, too.

The listing shows that 4,240 houses are still on the market in the area, a slight decline from last year's 4,249 through May.

In 2005, at the peak of home buying in the region, the area had less than 1,000 homes on the market. That same year 1,462 homes sold through May.

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  • toughluck posted at 11:40 am on Sat, Jun 19, 2010.

    toughluck Posts: 167

    I don't think sales volumes are as important as the amount of inventory. Sales are up in Vegas and Fort Meyers too and they still are under a collapse. CDA has way too much inventory and without the tax credits there will be less people in the market. I think the next few months will be interesting tp say the least. The one point to watch out for that destroyed other markets is when enough people are under water in their mortgages and they started on the path of strategic defaults. I think there still are a lot of people out there that put very little down so such a scenario is certainly possible.

  • sharetheplanet posted at 4:25 pm on Fri, Jun 18, 2010.

    sharetheplanet Posts: 809

    Sorry to burst ur bubble tRUTH but we moved here b4 the boom and r now capitalizing on the locals that sold their soul to the devil for GREED. We r now buying the forclosed properties from the locals.

    HA HA HA HA !

  • The Truth posted at 1:53 pm on Fri, Jun 18, 2010.

    The Truth Posts: 2193

    This best part of this is that the majority of money that's gone away are from the arrogant Cali's that came up here to ruin our land.

  • Tim Herzog posted at 1:39 pm on Fri, Jun 18, 2010.

    Tim Herzog Posts: 414

    I read this article and didn't see any real estate agents putting a spin on it as one commenter indicated. What was reported in this article was just factual information and yes, probably at least a third of the sales were to selling short or foreclosures and the rest of the year will probably bring much of the same.

    It is a true buyers market but the lenders have tightened up their requirements after the loose lending practices back in the real estate boom so many can't qualify for loans. Out market will rebound slowly for the next five years but buying opportunities are abundant for a select few.

    At the peak of the market we had around 1400 licensed agents locally and we are around half or less at this time. The days of making money with just a pulse and a real estate license are over!

    Lets see, 800 sales in almost six months, less than 700 agents..do the math. Even if every agent had one sale/closing, the average commissions factoring in a 4 way split, won't even pay our expenses! So much for those rich Realtor s, huh? An honest Realtor telling it like it is!

  • TomKatt posted at 9:45 am on Fri, Jun 18, 2010.

    TomKatt Posts: 125

    Also does not mention that the tax-incentive has expired so things are going to slow down, the houses are selling for far less than in 2007, and the unemployment rate would be 20% and rising if they still calculated it as they did in 1980....

  • The Other Decider posted at 8:40 am on Fri, Jun 18, 2010.

    The Other Decider Posts: 265

    I total agree with sharetheplanet, this article is being spinned by the real estate agents in our area. Everywhere you look these is a sign with short sale or you know somebody in a foreclosure situation. Quit making the real estate market rosey. It's NOT!

  • willy2 posted at 6:42 am on Fri, Jun 18, 2010.

    willy2 Posts: 9

    This article fails to mention that 35% of those sales are foreclosures.

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    Last Updated: 4:40PM CDT 06/17/2010 is article fails to mention that 35% of those sales this year are foreclosures.

  • sharetheplanet posted at 6:34 am on Fri, Jun 18, 2010.

    sharetheplanet Posts: 809

    And how many were short sales and repo's?

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