Single-family home sales for the first nine months of the year have slumped in Coeur d’Alene and Post Falls, while sales have been robust in areas bordering those communities.
Through September, according to the Coeur d’Alene Multiple Listing Service, there were 426 home-sale transactions in Coeur d’Alene, down from 441 for the same nine months in 1996.
The 3.4 percent decline in the number of sales was mirrored by a similar downturn in dollar volume, which dropped to $45.5 million this year from $47.1 million during the first three quarters of 1996. Average home price in Coeur d’Alene was almost identical to the year before at about $106,900.
Post Falls had a 9.5 percent decrease in the number of single-family home sales through September, with a total of 286 transactions compared with 316 the prior year. Dollar volume was down 7.5 percent, totaling $31.1 million. On average, a home in Post Falls sold for $108,860, an increase of about $2,350 from a year ago.
Bright spots in Kootenai County real estate were found in the Dalton/Hayden area, which climbed almost 25 percent in sales and nearly 20 percent in dollar volume, and in the Rathdrum/Twin Lakes market, with a jump in sales of nearly 24 percent and a dollar volume increase of almost 31 percent. Dalton/Hayden listings averaged about $123,000, while the average in the Rathdrum/Twin Lakes area was $98,500.
“In Dalton/Hayden, the increase could be because of a desire to be on a larger piece of property,” said Dick Jurvelin, Coeur d’Alene MLS president and local Realtor.
“People in the Spokane area might also be more oriented toward the Rathdrum Prairie because it’s closer to work and the cost of a home is cheaper,” he added.
Year-to-date comparisons for all residential listings in Kootenai County show an increase in sales of 7 percent for 1997, which included 1,612 transactions compared with 1,508 for the first nine months of 1996. Dollar volume across the board rose more than 8 percent, totaling about $181.6 million for the period. Median price for a home in Kootenai County remained unchanged at $95,000.
There were 90 waterfront home sales, about the same as a year ago, though dollar volume rose nearly 16 percent to $22 million. The average price of a waterfront listing rose more than 17 percent to $245,251.
Continuing a home buyers’ shift toward lower prices, roughly 56 percent of all residential activity during the first nine months of the year took place in listings below $100,000.