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Market growth slowing

By KIM COOPER/Special to The Press | Posted: Sunday, June 12, 2016 12:00 am

The year to date statistics are in and their accuracy has been verified. As of May 31, 2016, our market growth continues although at least in some areas its pace has slowed a bit. In both Coeur d’Alene ZIP codes for example — Coeur d’Alene and Dalton Gardens — we are still ahead of last year’s performance at this time but with just a 1 percent increase in the number of sales over last year. The average price here improved by 3 percent over 2015.

As recently as March we were running 12 percent ahead of last year but that slowed to only 2 percent in April. No doubt these numbers continue to demonstrate the short supply of homes on the market. We are maintaining steady at 12.5 percent fewer homes on the market than at this same time last year. If no more homes are listed at less than $200,000 we will have only a two-month supply on the market. Even though there are qualified buyers many are having to choose new construction which means waiting. New construction accounts for 19 percent of our year-to-date sales whereas in 2015 at the end of May that number was 16 percent. This increase in the percentage of sales supports the concept that existing home inventory is not satisfying current demand. Since most of these homes are pre-sold they do not add to our available inventory.

With much of the new construction occurring in Post Falls we see a respectable 20 percent increase in sales over the previous year there with an increase in average price that is 9 percent higher than in previous years. In Hayden, the number of sales was less than last year at the end of May with 20 fewer homes sold at an average price that is equal to the average in May 2015 representing 0 percent change.

We continue to see normalization of the Rathdrum market where it too is a busy market for new construction. Yet their number of sales this year is just eight more houses that represent a 9 percent increase over the number sold last year at this time. Their average price is now just 3 percent more than last year’s average.

The late blooming Silver Valley is maintaining a respectable increase in activity improving its number of sales by 23 percent over last year. The average price there improved too where a site-built home on less than 2 acres will cost you 12 percent more than it would have last year.

Bonner and Boundary counties home sales continue to confound. Although the comparatively small number of sales there can be easily swayed by fewer sales than Kootenai County. They report a healthy 11 percent increase in the number of units sold but their average price slid to an 8 percent decline of 2015’s average. A couple of luxury home sales last year could account for the decrease in average price.

Short sales and foreclosures continue to shrink in number. Last year at this time we had sold 97 foreclosed properties compared to just 67 this year. Short sales — where the property is sold for less than is owed — dropped to 18 transactions by the end of May compared to last year’s 21 sales.

For those of you who like to plot trends using wider data — in the entire geography governed by the Coeur d’Alene Multiple Listing Service — the number of homes sold is 7 percent above last year with an average price that is 1 percent less. Getting more inventory on the market is critical to getting the market moving at a faster pace. If you have been holding off listing until school is out — you are late!

 

 

 

 

SPOKANE MLS MARKET SNAP SHOT

 

 

 

 

 

 

 

 

 

 

 

 

                                 

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Last modified: 02/13/16.