I hope all is well with you this summer! It has been getting hot, a great time to grab friends and family and get on the LAKE! Go take advantage and enjoy what a great place North Idaho is in the summer. This monthly update I want to share information about: 1. Current Inventory, Sold’s, Month Supply 2. Total Market Overviews 3. Vacant Land 4. Foreclosures/Short Sales 5. Keller Williams LUAU Coming Up
1. Looking over July results, it appears fairly optimistic in line with the national housing results that were announced just recently. We sold 308 units in July 09’ (compared with 323, 08’). This is up over the 299 sold in June. The sales also follow the North Idaho trend of summer month sales more than double winter sales (Jan 09’ 120 units sold). If you look at the enclosed trend line stats, you will see what I am talking about. From here on out we can expect inventory to drop a little bit every month then start gaining momentum again in February. Currently, we are at 8,676 listings. If you are a seller, get your property listed to within the top 3 properties in your class (price,quality) if you want it to sell before winter. If you’re a buyer, this market is producing some incredible opportunity for primary residences in all price ranges. The $8,500 tax credit is still in effect until end of Nov. Also, on a side note, legislation just got passed, by Aug 15th loan servicers will begin to modify ANY FHA loans if the mortgagee applies and fits the profile (31% Front End Ratio, 55% Back End Debt) according to the Affordable Modification Program Letter 2009-23. Let me know if you would like more info.
2. Enclosed are the Total Market Overviews (TMO’s) for all of Kootenai County for CONDOS, MULTIFAMILY, and SINGLE FAM. Very interesting to look at, not much activity going on in the duplex/triplex fourplex realm, which may produce some opportunity in the coming year as inventory swells. As banks tighten lending even more, this may force more people to rent. I like the idea of big units 4+ bedrooms ect… Midrange condominiums 300-400K appears to be seeing some action. See the attached TMO’s. Kootenai County Total Market Overview
3. Vacant land inventory on our MLS is up over 3700 parcels available!!!! We sold 407 parcels in the last year. Here are 100 parcels over 80 acres. http://www.flexmls.com/link.html?ou3e0pn4ljn,7,1 You can view all of our land and search specifically for your needs at my http://www.LandCDA.com website.
4. Sellers are starting to price their properties similar to REO pricing. They have to in order to compete. Here is the current foreclosure list; 89 units available now. http://www.flexmls.com/link.html?ou3e0×99732,7,1 If you have interest, 208 REO’s sold in the last year for an average of $93/FOOT. Within 95% of list price. Average Days on Market is only 85 days for an REO, this includes escrow time AVG 45 days….See below for REO sold stats for first 200:
5. Keller Williams Luau – This is coming up Friday August 21, 2009 5-8pm and YOU are invited. 1044 NW BLVD. Food, music and a jumping tent for the adventurous. I hope to see you there!
Have a great remainder of August! As always, if you or anyone you know is looking to buy, sell, invest, lease, property in North Idaho please have them get in touch with me. I would love to work with them. I am always available. CELL 208-660-5785.
