Local Real Estate News
North Idaho's scenic beauty is always touted as one of our attributes in national media, this time in CNNMoney.com's article (December 21, 2010), "top 10 fastest growing states", Idaho was ranked #4 with a 21% population increase! Coeur d'Alene and Sandpoint are included in the latet edition of "The Great Towns of America," a 624 -page book that features the "100 Best Getaways for a Vacation or a Lifetime." The city's population has grown by 25 percent since 2000. Coeur d'Alene is located in a remote part of the Idaho panhandle, is surrounded by a national forest and a 30-mile-long lake --but it's only 35 miles from the urban amenities of Spokane, Wash. "Tourism is the biggest local industry, with two major ski resorts in addition to swimming, boating, hiking and camping. Golf has become a big draw: the Coeur 'Alene Resort Golf Course is considered on of the best in the U.S. It's 14th hold features the world's only movable, floating green." Beautiful scenery, outdoorsy and a sense of community were some of the attributes touted as pluses.
The Coeur d'Alene Multiple Listing Service covers a wide geographical area, so to say the market is better than last year requires qualification. Overall, we are performing better than last year but prices in Coeur d'Alene/Dalton and in Post Falls remain lower than last year.
Even though the price adjustments in most areas are significant, our total dollar sales volume for all residential types shows us less than a percentage point below last year's production as of Aug. 31. This appears to indicate that our local market may be gaining some traction and stability however tenuous that may be.
Our available inventory remains below last year by nearly 11 percent when all listing types are considered. For residential types - everything from manufactured to waterfront homes - we have 14 percent fewer listings.
Of course, as you are all aware, there is still plenty of inventory to choose from. Whether you are in the market for a home, office, land or a home with land, you will still find plenty of bargains when compared to recent years. Our data indicates though, that our local market demand is up slightly from last year as interest rates continue to remain low.
Our Friday, September 9th, check of rates at www.ihfa.org showed a 30-year conventional loan with interest at 3.75 percent. This, no doubt, is a contributing factor in the movement of real estate.
