Local Real Estate News
If you ever wondered why our real estate prices have not fallen like some parts of the country, look around! Our scenic beauty is always touted as one of our attributes in national media, this time in CNNMoney.com's article (October 22, 2008) titled, "100 Best Places to Live and Launch" a reference to the top 100 places in the country to start a business. 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, and real-estate prices are creeping up as well. 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.
May 2009 - The Coeur d'Alene Metropolitan Statistical Area jumped into second in the Milken Institute/Greenstreet Real Estate Partners Best Performing Cities Index for 2008, up from sixth in 2007. The index ranks U.S. metropolitan areas by how well they are creating and sustaining jobs and economic growth. The components include job, wage and salary and technology growth.
November 2009 - Home sales were brisk in this area, whether it's tax credits, decreasing prices or low interest rates, or a combination. Home sales averaged in the $150,000 to $170,000 this year. Interest rates are between 5 and 6 percent, and closing costs have declined to around $3,000 from $4,500 a year ago. The federal $8,000 tax credit is also giving sales a shot in the arm. Now the extended tax credit to existing homeowners of $6,500 should boost sales in 2010.
December 2009 - 10 year overview:
- 1999: 37% of buyers searched for a home online. 2009: 90% of buyers searched for a home online.
- 1999: median home value is $137,600. 2009: median home value is $172,600 (but not that some reports reflect that when accounting for inflation, the value hasn’t changed at all this decade).
- 1999: 82% of buyers purchased detached, single family homes. 2009: 78% of buyers purchased detached, single family homes.
- 1999: 46% of buyers choose suburban neighborhoods. 2009: 54% of buyers choose suburban neighborhoods.
- 1999: 68% of buyers were married couples. 2009: 60% of buyers are married couples.
- 1999 and 2009: the median age for buyers was 39.
- 1999 and 2009: “neighborhood quality, affordability, and convenience to work and school have consistently been top priorities.”
