May 26, 2005 in Business

Kootenai home prices at record $191,145

From staff reports
 

Home prices in Kootenai County set a record in April, reaching an average of $191,145.

More than 900 single-family homes sold during the first four months of the year, for total sales of $175 million, according to the Coeur d’Alene Multiple Listing Service.

A year ago, the average sales price was $151,925.

Rapidly rising home prices reflect high demand and lower inventory, local Realtors say. Nearly 1,700 homes were for sale in Kootenai County a year ago. In April, just 1,200 homes were on the market, and many had offers pending.

The gain also mirrors trends in the national housing market. Nationally, home prices rose by 15 percent in April, compared with April 2004, according to the National Association of Realtors. The run-up represents the biggest 12-month gain in prices since November 1980.

Locally, Post Falls experienced the highest percentage gains in home values over the past 12 months. The average sales price was $184,555 in April, an increase of nearly 36 percent from a year ago.

Average sales prices in other communities were: Hayden/Dalton, $227,166; Coeur d’Alene, $188,831; and Rathdrum/Hauser, $149,469.

In Shoshone County, the average sales price was $83,179.

The Coeur d’Alene MLS does not report median home prices for Kootenai County. The median price is the midpoint in the range of sale prices. However, for a larger area – including Shoshone County and parts of other North Idaho counties – the median sales price in April was $162,080.


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