Kootenai Home Sales Are Up Narrowly

The once booming North Idaho housing market of just a few years ago has slowed down and now seems to have stabilized.

In Kootenai County, the total number of home sales increased 7 percent through July, compared to the first seven months of 1996. Average home prices were comparable to last year: $111,332 through July, compared to $110,476 the same period last year.

“In January we didn’t know what was going to happen,” said Dick Jurvelin, president of the Coeur d’Alene Multiple Listing Service. “Things were bleak.”

But sales have picked up and the Kootenai County housing market is ahead of last year’s numbers, though no one wants to venture on a continuing bright future for this overgrown housing market.

Causing the slower pace may be fewer transplants from out-of-state, and more expensive property, priced out of everyone’s reach, said Jon Beutler of John Beutler and Associates.

Fewer people are relocating from other markets who are willing to pay for pricy waterfront real-estate, he said. “I don’t know why,” he said.

Others say Kootenai County is still suffering from the continued building of new homes that could supply the county’s housing market for at least a year.

“The market is healthy, sales are out there, and there seems to be good activity,” said Wayne Stephens with Windermere/Coeur d’Alene Realty. “The biggest problem is there so many new homes on the market making old home prices go down.”

Stephens, like others, remains hopeful the current glut of new homes will continue to drive down home prices and encourage buyers.

In Bonner County, housing sales are down 10 percent from last year, while prices have remained flat.

This past winter’s heavy storms delayed sales at the beginning of the year, but now things have picked up, said Charlie Parrish, president of the Bonner County Board of Realtors.

Overpriced homes will remain on the market, and “things priced correctly will sell,” he said. Average price through June were $119,117 compared with $118,400 for the first half of 1996.

Bonner County however has not seen the excessive new building in the market in the last year. “We don’t have the building boom like in Coeur d’Alene,” he said. “That is helping keep prices down.”

In Boundary County, which has seen lumber mills close and few new job opportunities open, the same is true.

“Overall, there has been a 5 to 10 percent decline in the past couple of years,” said Mike Peterson, director of the Bonner and Boundary County Multiple Listing Service. No home sales averages were available.

, DataTimes