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Kootenai County Home Sales Rebound From January Slide

Thu., March 9, 1995

February Kootenai County home sales returned to a healthy clip after a slow start in January.

Sales rose 21 percent from February 1994 after a nearly 50 percent drop in January.

Chances are some of the sales that should have been reported in January slid over into February, said Brian Stranger, president of the Coeur d’Alene Multiple Listing Association.

“I wasn’t really comfortable with those January numbers, but the gains last month indicate that the market is really pretty stable,” Stranger said.

Few who follow the Kootenai market closely think the market will continue to pace record years of 1994 and 1993, Stranger said.

“We’re down about 10 percent or so from year-to-date last year, but it’s hard to continue those big increases,” he said. “There’s quite a bit of inventory on the market, but sales are generally keeping up.”

Home sales in Coeur d’Alene continue to show strength out of all areas of the county. Agents reported more than two-thirds more sales last month than in February 1994.

Prices for homes sold continued to rise in February, up nearly 10 percent from the same time last year.

Home prices in the most expensive part of the county - Dalton/Hayden - actually fell 1 percent compared to last year, when the average house sold for $144,306.

Though only two months into the year, more homes are being sold in the $85,000-$99,999 price range than in previous years. Homes in that range made up 19 percent of all those sold in 1994, but make up 28 percent of the homes sold so far in 1995.

Sales of waterfront and acreage homes increased modestly to 24 from 18 last February.

Stranger said he’ll be able to get a much better grasp on the market after March figures give him a whole quarter’s worth of sales to evaluate.


 

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