COEUR D'ALENE, Idaho — The median sales price of homes in Kootenai County rose nearly 40% in the last year to $470,000 in August, according to the Coeur d’Alene Association of Realtors.
August also brought an increase to inventory for the sixth consecutive month, narrowing the demand-supply gap, as reported by KREM 2 news partner the Coeur d'Alene Press. About 575 homes were on the market last month, an increase of 2.1% compared to 562 available one year ago. In October, the association had 438 residential listings.
“Buyers continue to outnumber listings, and until that changes we expect home values will continue to appreciate,” said Kristen Johnson, Coeur d’Alene Association of Realtors president. “It’s still a seller’s market, with most properties selling at or above the asking price when priced right.”
Just more than 2,300 homes have been sold through August in Kootenai County, nearly the same as last year, while the average days on the market, 77, was down nearly 20% from the same time last year.
Johnson said there aren’t as many competitive offers on homes as there were earlier this year, so the market is seeing some price reductions.
It’s important to price accordingly, based on comparable properties, to avoid making price adjustments or watching a home sit on the market for an extended period, Johnson said.
“Most homebuyers have seen dozens of properties and can recognize one that’s overpriced,” Johnson said.
While the frenzied housing market has slowed from late last year and earlier this year when many homes were often receiving multiple offers, higher than asking-price offers, or even offers based on virtual walk-throughs, there good news for buyers and sellers.
Mortgage interest rates recently fell to their lowest rate since February. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage in July fell to 2.87 percent.
According to the National Association of Realtors, the Metro Housing Market Index registered nationally at 71.4. An index over 50 means housing market conditions are still broadly stronger than one year ago.
The Coeur d'Alene Press is a KREM 2 news partner. For more from our news partner, click here.