The housing market remains strong | Coeur d’Alene Press
The median selling price of homes in Kootenai County is $ 475,000, a 37% increase from $ 346,000 in September 2020, according to the latest report from the Coeur d’Alene Multiple Listing Service.
A total of 544 units were on the market last month – a jump of 24% from the 438 units available in September 2020.
The increase indicates that inventory shortages are easing, creating a more balanced real estate market, according to realtors.
âWe are still seeing home sales increasing rapidly and market conditions have yet to normalize, but September real estate activity is closer to a typical fall experience,â said Kristen Johnson, president of the ‘Association of Real Estate Agents of Coeur d’Alene.
She said the Coeur d’Alene area is in demand. However, buyers are more careful when choosing their home than at the start of the year, when some homes were selling quickly, without in-person inspections and over asking prices due to bidding wars.
A quick drive around Coeur d’Alene on Friday found many more homes for sale now than at the height of the market earlier this year.
As of July 1, 636 homes have been sold compared to 810 homes sold for the same period in 2020, the Coeur d’Alene Real Estate Association reported.
The average number of days on the market has fallen to 77 from 93 a year ago.
The Association reported that the median selling price in Coeur d’Alene was $ 559,330; $ 474,500 to Post Falls; $ 550,000 to Hayden; $ 476,720 to Rathdrum and $ 485,000 to Spirit Lake.
A real estate agent told The Press the market is seeing price cuts and fewer cash offers.
âWe are seeing a slow correction in selling prices, the Coeur d’Alene real estate market is still strong and competitive,â wrote Sarah Kestler, director of communications for the Coeur d’Alene Real Estate Association. “We still have a long way to go before we achieve a balanced market, but with homes priced right that will help create opportunities for buyers and the steady growth in inventory is a step forward.”
The Wall Street Journal and Realtor.com reported in April that Coeur d’Alene was No. 1 nationally in their new emerging housing index.
According to the Coeur d’Alene Real Estate Association, there were 154 active residential listings as of April 12. In a normal market, about five years ago, there would be about 1,000 listings.
Nick Shriner, real estate agent at Windermere Real Estate, said inventory has tripled since the spring.
In a housing market snapshot he sent, he wrote that sellers face increased competition due to increased inventory.
âThey continue to enjoy a significant appreciation in the value of their home, however,â he wrote. âHome equity is at an all time high! “
According to the housing market snapshot, from July 1 to September 30, average prices were $ 685,000 in Coeur d’Alene; $ 483,000 to Post Falls; $ 464,000 to Hayden and $ 513,000 to Rathdrum / Twin Lakes.
Average selling prices in these regions have increased, on average, by around 35%.
According to nerdwallet.com, the 30-year fixed rate is 3.1%, the 20-year rate is 2.7%, and the 15-year rate is 2.2%.
âThe good news for buyers is that interest rates are low and supply has increased,â Shriner wrote. “It looks like we are slowly moving towards a more balanced market.”