HI All, hope all is well! Enclosed is my latest North Idaho real estate market overview for month ending February. I’ve done the research, here are 5 topics that I will address this time including attached charts, trend lines and more: 1. Latest Market Data (Inventory, Sold, DOM, Sold Prices) 2. REO and Short Sale Updates and Links 3. Waterfront Listings 4. Vacant Land Overview 5. Commercial Market
There is a lot of information and links enclosed in this email so be sure to save it for future reference.
1. Our market has been doing fairly well in units sold. Feb 09 to Feb 10 we increased almost 30% in sales! Over 2803 total units sold in the last year, 200 in February. Average sold price is hovering around the 200K mark. If you’re curious what 200K will get you, see this link (there are over 160 options, but see 20 here): http://www.flexmls.com/link.html?rflt59f26en,7,1 Interest rates are still very low (5%ish), and the first time homebuyer tax credit is available until June 30th (must have offer accepted by April 30).
The average Days on Market for a listing is 138 days. We have almost 32 months of inventory. We typically have the lowest inventory available in Jan/Feb then start increasing into the summer months, it is still the same, right now we have 6500+ listings, we will be over 7,000+ in no time. The hot price category is below 175K. As always, you can view all housing inventory via map/subdivision/location at my website http://www.LIVECDA.com
2. There are currently 160 bank owned properties on the MLS now, 30 of which are pending (under contract/ 18%). I hear the banks are holding even more but do not want to saturate the market with releasing all. 19% of all SOLD units in the last year were REO properties - 537 SOLD REO in the last year (2803 Total units sold in the Coeur d’Alene Region). Of the 537 sold REO’s, the average was LIST PRICE 181K / SOLD PRICE 170K. Across the board, banks moved off their list price by almost 5%, regular listings, sellers moved 8%.
Link to REO Listings (160) http://www.flexmls.com/link.html?rflt0gristf,7,1
Link to Short Sales (283) http://www.flexmls.com/link.html?rflt0ko129e,7,1 Short sales are still taking considerable time to get bank approval. There have been some new guidelines that may make banks respond sooner, stay tuned for that.
3. 86 North Idaho waterfront listings sold in the last year. This is across the board, CDA Lake, Hayden Lake, Spokane River, Twin/Spirit and more. Currently, over 120 available. See the list of Waterfront listings here - http://www.flexmls.com/link.html?rflt5krayjc,7,1
4. Despite a rough year in vacant lot/land sales, things are looking up. Many lots available (2700+). 42 sold since Jan 1, 2010, 400 in the last year. Much inventory to choose from, prices are getting reasonable. 5 acre lots for around 50K in the surrounding area. I just listed 3 5+ acre CDA Lakeview lots above Carlin Bay for 75K each. You can view all vacant land inventories here
5. Commercial Market – Lots of information out there about the “dire straights” of the commercial market and the tough time securing financing. In a nutshell, cash availability to businesses that need it to expand, pay bills, hire employees has dried up and it is tough to refinance and establish new credit lines for businesses. The SBA has a program going, but the process is “hairy”. Contact your favorite commercial lender for more information on the lending environment; I am sure they would love to talk to you about it. I hear there could be a potential $500+ Billion in commercial foreclosures/defaults. Locally, we have 282 commercial listings available now in our market (see the listings here http://www.northidahocommercial.com ). 3 of which, are marked as pending. 58 total commercial sales reported to the MLS since 3/1/2009. If you’re curious, you can view a list of commercial business opportunities available here (http://www.flexmls.com/link.html?rfltcghupga,7,1)
If you have specific questions, or if you would like specific niche real estate market info including commercial, please let me know. I have a broad base of listings in each of these categories. If you’re looking for something, I probably have it or have access to it. As always, I am available to assist you, your friends, your co-workers and your family in everything real estate, anytime. Just let me know how I can help. Have a great rest of the week. TJB
