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Residential Home Sales Data for North Idaho- First Quarter 2008 Report:

The first quarter numbers are in! While most of the Nation peruses rather dismal residential sales data, North Idaho has often stood out from the rest! Let's see if that was true in the first quarter of 2008 versus the first quarter of 2007 in regards to residential home sales.

Is It Really That Bad?

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 2008 as compared to the same period in 2007? Let's find out!

At first the data does not seem surprising. When we look at Residential units sold in the first quarter of 2008 versus the first quarter of 2007 we see that the number of units sold was down across the board. Down eighteen percent in CDA/Dalton, down thirty-one percent in Post Falls, down sixteen percent in Hayden and down a whopping fifty-six percent in Silver Valley!

But the unit sold data, as dismal as it appears, is only part of the story. In Coeur d'Alene and Dalton Gardens the median sales price actually rose four percent, despite the eighteen percent drop in units sold! The other areas had a median price drop of only two percent, except for Silver Valley. What happened in Silver Valley where the number of units sold was down so drastically?

The median sale price in Silver Valley was actually up three percent! So in terms of Residential listings, sales may be down overall, but pricing pressure is generally flat to up! This is significant to both buyers and sellers. Many buyers have been waiting on the sidelines in the hopes of getting a better price. However first quarter residential data shows that no significant median price decline occurred!

From a seller's standpoint it appears that the homeowner may not feel as much pressure to reduce price as the national headlines might lead one to believe. However it remains clear that only properly priced homes are selling. How do we know? Every single area mentioned except Silver Valley had the sold homes sell for ninety seven percent (or more on average) of their list price. Silver Valley residentials sold for ninety-five percent of their list price on average. What this means is that if the home was not priced within about three percent of market value then the home didn't sell. That's a pretty tight margin and strongly suggests that a qualified Competitive Market Analysis is critical if you are looking to sell your home for maximum value without overpricing it in this constantly changing environment.

The computerized CMA's that just about anyone can print out in five minutes or less should not be trusted in this environment! Realtors with 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.

Let's see how some of the other markets performed:

Multifamily:

Down twenty two percent in CDA/Dalton and down sixty six percent in Post Falls in terms of units sold. Median prices were down only two percent in both areas.

Vacant Lots:

Vacant lots have been hot in a couple cool areas of North Idaho! CDA/Dalton saw vacant lot sales increase by sixteen percent with the median sales price down only two percent. Post Falls and Hayden both saw decreases in units sold by more than seventy percent, but the median sale price in Hayden went up a whopping forty two percent while Post Falls median price slipped two percent.

But the real heat came from Rathdrum, with a 425% increase in lots sold (21 in the first quarter of 2008 versus only 4 in 1Q of 2007). And the median sales price was up one hundred and forty nine percent! How's that for bucking the National trend data?

Pent up buyer demand coupled with melting snow and confident home sellers could push prices higher in North Idaho. Only time will tell for certain but it does appear that buyers and sellers are meeting on like ground!

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!

The charts associated with this report may be viewed here:
http://www.besthomesandland.com/public/1Q2008Sales.html

Data obtained from the Coeur d'Alene Association of Realtors and is believed to be accurate but is not guaranteed.

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