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Residential Home Sales Data for North Idaho- A Comparison Report:

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Residential Home Sales Data for North Idaho- Comparing 2008 to 2007:

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2008 proved to be a very interesting year in North Idaho Real Estate! By April of 2008 the market had recovered to a level near that of January and February of 2007. Not a great market, but a clear recovery was underway as measured by rate of sale to active listings.

But then the credit markets tightened substantially and later in the year seemed to fall apart completely. People who wanted to buy homes simply could not get the financing that they required. This had the effect of turning the market around on a dime - complicating things further was the fact that lowering prices had little effect as interested buyers still could not qualify.

We see from the data below that the prices of waterfront and secondary waterfront homes increased substantially. Although it sounds surprising it may not be quite as strange as it might initially appear. People who could qualify conventionally for higher end homes or those paying cash did not have to worry about the tightened credit markets. As a result they recognized the value of owning a primary or vacation home in Coeur d'Alene. In fact, in a Fall issue of the Robb Report, Coeur d'Alene Idaho was rated as one of the top ten places to own a vacation home!

So lets look at the actual numbers and see what 2008 had to offer:

HIGHLIGHTS: Residential Acreage sales were down 26% for the full year. Average sales price was down eight percent.

Single Family on less than one acre were down 23% in sales but down only five percent in price. Hardly the price crash that we heard about from other markets outside of Idaho!

Sales of residential waterfront and secondary waterfront units were down 50-53 percent in both categories for the year. Pricing on waterfront homes was up four percent for the year and up fifteen percent for secondary waterfront homes. As mentioned earlier - even though the total number of units sold was down there were still plenty of savvy buyers who decided to purchase these beautiful homes before prices increased even more!

Multi-family was down about 41 percent in units sold but down only five percent in average price. Once again we see that various factors including the credit markets continue to hamper sales, but price declines were minor in nature.

Vacant land sales on 1-10 acres were down 45 percent, but prices were still up five percent for the year. Although data is not available in the aggregate for this category in terms of projected land use, one can certainly surmise that many were savvy buyers who chose to buy their future home lot this year and perhaps begin construction in 2009. This would certainly be a factor that could have helped push prices higher.

Vacant land over ten acres was down 29 percent in units sold and down twenty nine percent in average price. Of course larger plats of land can be used for future development, so it is possible that this is an early warning sign indicating that new home construction may let up in the near future as existing homes sales increase.

The National Association of Realtors is predicting rising sales and rising prices for both new homes and existing homes in the second half of 2009. They, however, are looking at a national level and North Idaho is already showing upwards pricing pressure in several of the categories mentioned above.

Remember: Properly priced homes sell. If you are a home seller one of the most important steps you can take is getting a good, qualified CMA – not something spit out by computer!

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

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