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Residential Home Sales Data for North Idaho- First Quarter 2009 Report:

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How is the housing market in 2009?

We have all heard how bad the Real Estate market is, and continue to hear about foreclosures nationwide. But we also hear that the market in North Idaho is distinctively different than other parts of the country. So how did the market perform in the first quarter of 2009 as compared to the same period in 2008? Let’s find out!

Single Family units on less than an acre:

270 units sold in 2009, down 26% from last year. The average sales price was $186,434, median sales price was $165,250. On average the selling price was 96% of the list price when the unit sold. Average Sales price was 92% of the original list price. In 2008 we typically saw about a ten percent difference between original list price and sale price. That margin seems to be shrinking as sellers get more aggressive with their original sales price.

Average square footage for Single Family Homes sold was 1894 s.f., which is slightly higher than previous figures. Home affordability seems to be helping buyers get into larger homes that they may not have been able to afford previously. Average days on market was 132, or just over four months.

CDA/Dalton: Average sold price was $186,966.

Post Falls: Average sold price was $178,674.

Hayden: Average sold price was $220,734.

Rathdrum/Hauser: Average sold price was $169,500.

In Silver Valley the average sold price was $116,017.

Residential on Acreage:

Units sold were down 26% with average price down about 22% to $297,353.

Though the number of waterfront homes continues to fall, the average prices for these units continues to increase! With six waterfront units sold this year the average sales price was over $1.9 million, up substantially from the first quarter of 2008.

There have been only two secondary waterfront homes that sold in the first quarter of 2009, versus four in the same period last year. Although this category spent much of last year with price increases the limited data now available shows a decrease in average sales price thus far. It will be interesting to see if this turns around once a more substantial number of units have sold.

Multi-family units continue to get hammered, down about 46% from last year. The average sales price for these multi-family units is down to $225,000 - a decrease of 43%. Nevertheless only seven have sold so far this year so the average sales price may be somewhat skewed until additional data becomes available.

Vacant land, regardless of size category, fell by number of units sold and by average sales price.

The absorption rate chart to the right shows that January and February were historically dismal in terms of rate of sales to number of listings. Not surprising given the amount of snow Coeur d'Alene got over the winter! But the March numbers have improved (lower is better when measuring AR) to roughly the same level as December of 2008. If the improvement trend continues then we might see absorption rates near the 2008 levels.

Will 2009 represent the bottom in the housing market for North Idaho? A first time home buyers credit and extremely low interest rates and some incredibly low prices on homes in the Coeur d'Alene area may indeed be the fuel that is needed to reignite the real estate market!

For sellers facing heavy competition it is more important than ever that your Competitive Market Analysis be accurate in relation to your home, not just a broad category like 'Single Family Homes on less than an acre!'

The computerized CMA’s that just about anyone can print out in five minutes or less should not be trusted in this environment! Real Estate Ron has the experience and training in Economics as well as those that have had additional Broker level training in Appraisals will be better equipped to properly price a home – regardless of whether it is your home that you are selling or if you are a buyer and you need a better idea of how comparable homes have fared recently in the marketplace. However both buyers and sellers should remember that a Competitive Market Analysis, while particularly important in today’s environment, is not a replacement for a full appraisal.

To see data on Washington County Home Prices and Sales, click here.

First Quarter 2009 Units Sold

Average Days on Market 1Q 2009 by Area

Above: Monthly Absorption Rates (lower is better)

Average Acreage of sold units

Average dwelling size by area of 1Q 2009 Solds

Average Sold Price by area - North Idaho 1Q 2009