Kootenai County Home Market Enjoys A Stronger Start For 1996 This Year Was More Typical Than Last

The Kootenai County home market returned to a more predictable pace in January, which compared quite well to last year’s slow start.

Home sales rose a healthy 60 percent compared with January 1995. But hold on before declaring boom times once again, said Brian Stranger, president of the Coeur d’Alene Multiple Listing Service.

“This was a more normal January,” Stranger said. “No one had to do any explaining like we did last January.”

Last January’s surprisingly low numbers fed speculation that the housing market would drop off dramatically. In fact, the 1995 home market recovered through the rest of the year and finished near the record selling pace of 1994.

Though the number of January 1996 home sales rose, the average price of those homes fell compared with January 1995. Last year’s number was inflated because of two homes that sold for around $600,000, Stranger said.

“We didn’t have really any high-end sales last month,” he said. “Those two units really skewed the numbers last year.”

Home prices moderated through 1995 as builders found that they could sell more homes in the $85,000 to $100,000 range. More than a quarter of all homes sold in January fell in that price range.

Nearly half the homes sold last month were new homes, according to the MLS numbers. That’s higher than usual, Stranger said.

Strong sales in Coeur d’Alene and Post Falls led the rally, with the number of homes sold doubling in Post Falls and nearly that in the Lake City.

The early winter months are typically slower for home sales compared with summer and fall. Depending on the weather, home sales can vary greatly.

“We’re right on target to have another great year,” Stranger said.

, DataTimes ILLUSTRATION: Graphic: Home sales