| Find the best homes and land in North Idaho! | | | | pretty tight margin and strongly suggests that a |
| Residential Home Sales Data for North Idaho- First | | | | qualified Competitive Market Analysis is critical if you |
| Quarter 2008 Report: | | | | are looking to sell your home for maximum value |
| The first quarter numbers are in! While most of the | | | | without overpricing it in this constantly changing |
| Nation peruses rather dismal residential sales data, | | | | environment. |
| North Idaho has often stood out from the rest! Let's | | | | The computerized CMA's that just about anyone can |
| see if that was true in the first quarter of 2008 | | | | print out in five minutes or less should not be trusted |
| versus the first quarter of 2007 in regards to | | | | in this environment! Realtors with experience and |
| residential home sales. | | | | training in Economics as well as those that have had |
| Is It Really That Bad? | | | | additional Broker level training in Appraisals will be |
| We have all heard how bad the Real Estate market | | | | better equipped to properly price a home - regardless |
| is, and continue to hear about foreclosures | | | | of whether it is your home that you are selling or if |
| nationwide. But we also hear that the market in | | | | you are a buyer and you need a better idea of how |
| North Idaho is distinctively different than other parts | | | | comparable homes have fared recently in the |
| of the country. So how did the market perform in | | | | marketplace. However both buyers and sellers should |
| the first quarter of 2008 as compared to the same | | | | remember that a Competitive Market Analysis, while |
| period in 2007? Let's find out! | | | | particularly important in today's environment, is not a |
| At first the data does not seem surprising. When we | | | | replacement for a full appraisal. |
| look at Residential units sold in the first quarter of | | | | Let's see how some of the other markets |
| 2008 versus the first quarter of 2007 we see that | | | | performed: |
| the number of units sold was down across the board. | | | | Multifamily: |
| Down eighteen percent in CDA/Dalton, down | | | | Down twenty two percent in CDA/Dalton and down |
| thirty-one percent in Post Falls, down sixteen percent | | | | sixty six percent in Post Falls in terms of units sold. |
| in Hayden and down a whopping fifty-six percent in | | | | Median prices were down only two percent in both |
| Silver Valley! | | | | areas. |
| But the unit sold data, as dismal as it appears, is only | | | | Vacant Lots: |
| part of the story. In Coeur d'Alene and Dalton | | | | Vacant lots have been hot in a couple cool areas of |
| Gardens the median sales price actually rose four | | | | North Idaho! CDA/Dalton saw vacant lot sales |
| percent, despite the eighteen percent drop in units | | | | increase by sixteen percent with the median sales |
| sold! The other areas had a median price drop of only | | | | price down only two percent. Post Falls and Hayden |
| two percent, except for Silver Valley. What | | | | both saw decreases in units sold by more than |
| happened in Silver Valley where the number of units | | | | seventy percent, but the median sale price in Hayden |
| sold was down so drastically? | | | | went up a whopping forty two percent while Post |
| The median sale price in Silver Valley was actually up | | | | Falls median price slipped two percent. |
| three percent! So in terms of Residential listings, sales | | | | But the real heat came from Rathdrum, with a 425% |
| may be down overall, but pricing pressure is generally | | | | increase in lots sold (21 in the first quarter of 2008 |
| flat to up! This is significant to both buyers and | | | | versus only 4 in 1Q of 2007). And the median sales |
| sellers. Many buyers have been waiting on the | | | | price was up one hundred and forty nine percent! |
| sidelines in the hopes of getting a better price. | | | | How's that for bucking the National trend data? |
| However first quarter residential data shows that no | | | | Pent up buyer demand coupled with melting snow |
| significant median price decline occurred! | | | | and confident home sellers could push prices higher in |
| From a seller's standpoint it appears that the | | | | North Idaho. Only time will tell for certain but it does |
| homeowner may not feel as much pressure to | | | | appear that buyers and sellers are meeting on like |
| reduce price as the national headlines might lead one | | | | ground! |
| to believe. However it remains clear that only | | | | Remember: Properly priced homes sell. If you are a |
| properly priced homes are selling. How do we know? | | | | home seller one of the most important steps you |
| Every single area mentioned except Silver Valley had | | | | can take is getting a good, qualified CMA - not |
| the sold homes sell for ninety seven percent (or | | | | something spit out by computer! |
| more on average) of their list price. Silver Valley | | | | The charts associated with this report may be |
| residentials sold for ninety-five percent of their list | | | | viewed here: |
| price on average. What this means is that if the | | | | Data obtained from the Coeur d'Alene Association of |
| home was not priced within about three percent of | | | | Realtors and is believed to be accurate but is not |
| market value then the home didn't sell. That's a | | | | guaranteed. |