February 7, 1995 in Nation/World

Kootenai Home Sale Pace Slows

By The Spokesman-Review
 

The pace of Kootenai County home sales slowed dramatically in January compared with a year ago, but the average sale price rose to $106,872.

That’s a 7 percent increase from last January, when the average sale price was $100,059.

According to the Multiple Listing Service of the Coeur d’Alene Board of Realtors, 67 homes were sold in January, down from 120 the same month a year ago.

The 44 percent drop in volume may be a statistical fluke, however.

Statistics for the first and last months of any year tend to be skewed because of reporting habits among individual real estate offices. Brian Stranger, president of the listing service, said some offices “load up” on reporting sales in December, as opposed to January, in order to reflect better annual results.

“I have a hard time believing we’ve seen that kind of decrease in the market,” said Stranger, a Realtor with Acuff Northwest in Coeur d’Alene. “We have not seen it in our office … at least nowhere near that degree.”

The Kootenai County housing market has slowed somewhat, however, because of a swelling inventory of new homes. A few sellers are dropping original asking prices, something that buyers have not enjoyed for two years or more.

But, considering price inflation, home shoppers still do not face a true buyers market.

“Everything that comes on the market is selling,” Stranger said. “It’s just taking longer.”

The average price among homes sold in Coeur d’Alene rose 19 percent to $115,834 compared with a year ago. In Post Falls, the average sales price in January was $105,872, up 8 percent.

The listing service reports home sales throughout Kootenai County, as well as north toward Athol, east toward Pinehurst and south toward Worley.

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