Kootenai home prices still falling

Houses for sale in Kootenai County are continuing to come down in price, according to recent statistics from the Coeur d’Alene Multiple Listing Service.

Prices declined the most sharply in the Coeur d’Alene/Dalton area, dropping nearly 8 percent. The median sale price was $199,000 for the six-month period ending Sept. 30, compared with $215,500 for the same six-month period in 2006. For other areas of the county:

“In Post Falls, median sales prices remained relatively flat, declining from $200,139 to $199,945.

“In Hayden, median sales prices dropped from $244,762 to $238,182.

“In the Rathdrum/Twin Lakes area, prices dropped from $185,125 to $175,000.

Realtor John Beutler predicted that home prices will continue to decline through the rest of the year. “There’s a lot of inventory out there,” he said, noting the nearly 4,000 homes for sale put downward pressure on prices.

Beutler also estimated that one in five homes for sale is overpriced. Sellers’ expectations reflect the market peak in 2005; they haven’t adjusted prices to account for weaker demand, Beulter said.

Overall, the number of Kootenai County homes sold dropped by nearly 12 percent during the six-month period ending Sept. 30, compared with the same period in 2006.

While home prices have remained relatively stable in Post Falls, the number of sales declined by 22 percent. In Hayden, home sales are down by 27 percent. In the Rathdrum/Twin Lakes area, they dropped nearly 10 percent. In Coeur d’Alene/Dalton, home sales increased by 6.5 percent.