Cd’A Real Estate Market Overview – July
The Coeur d’Alene Idaho Real Estate Market continues to be healthy. Here in North Idaho prices increased, albeit at a slower pace than in years past. Mortgage interest rates remain low. Our biggest challenge is keeping enough inventory to keep up with demand. New construction is booming, but the lack of skilled labor and the number of developed lots have capped growth. New construction accounted for 22% of local home sales through July 2019, which is unchanged from this time last year.
On the National level, the July Existing-Home Sales increased 2.5% from last month and .6% from this time last year. Similarly, we saw a year-over-year increase in the Median Sales Price of 4.3% and inventories dropped to just a 4.2 month supply. A 6-month supply of homes for sale is considered a “Balanced Market” anything less is considered a “Seller’s Market” and anything more a “Buyer’s Market”.
KOOTENAI COUNTY UPDATE
The Coeur d’Alene Idaho Real Estate Market has witnessed similar trends. In comparison in the number of Coeur d’Alene Home Sales have stabilized with no growth over the last year. Median Home Prices increased more than the National Trend with a 10 % increase year over year. Currently, the Median Home Price in Kootenai County (exiting home on less than 2 acres) is $301,471. Local inventories are unchanged from this time last year with a 4.3 month supply available. Similar to the National Market, we remain firmly in a “Seller’s Market” currently.
COEUR D’ALENE WATERFRONT UPDATE
Lakefront sales have improved as well this year. The number of sales through July were down, but the Average Sold Prices increased by 11.9% to $860,458. These sales include all of the Lakes in the Coeur d’Alene Multiple Listing Service. (Coeur’dAlene Lake, Hayden Lake, Hauser Lake, Lake Pend Oreille, Fernan Lake, Spirit Lake, Spokane River, Twin Lakes …)