First Quarter 2018, North Idaho’s Housing Market Continues to Tighten

Jim Haynes, Associate Broker, Realm Partners 208-255-7772, jim.haynes@frontier.com

The North Idaho housing market continues to tighten.  Currently there are just under 10% less active residential listings in the Multiple Listing Service than there were at this time last year.  Despite the lack of inventory the number of homes sold increased over last year.  Below is a table of the number of homes sold in the three northern counties by quarter for the last three quarters and a comparison of those sales numbers with the corresponding quarter one year earlier.

 

3rd Qtr 2017

% change from 3rd

4th Qtr 2017

% change from 4th

1st Qtr 2018

% change from 1st

 

Units Sold

Quarter 2016

Units Sold

Quarter 2016

Units Sold

Quarter 2017

Kootenai County

1274

-0.2%

1087

6.7%

                     791

8.1%

Bonner County

327

15.1%

243

8.0%

                     150

26.1%

Boundary County

56

-3.4%

32

-36.0%

                       34

9.7%

             

Source:  Coeur d’Alene MLS and Selkirk MLS, information deemed reliable but not guaranteed

   
             

Numbers are compared for each quarter to the corresponding quarter one year earlier to remove seasonal variation inherent in the market.  Kootenai County showed a small increase over the last three quarters when compared to the same three quarters the previous year with just over a 4% increase overall.    Bonner County experienced a 14.6% increase while Boundary County experienced a decrease of 12.2% over the same three quarters.

Compare that with the following table where the median1 home price by quarter for the same period as above is compared to the quarterly median home sales price for the corresponding quarter one year earlier.

 

3rd Qtr 2017

% change from 3rd

4th Qtr 2017

% change from 4th

1st Qtr 2018

% change from 1st

 

Median Price

Quarter 2016

Median Price

Quarter 2016

Median Price

Quarter 2017

Kootenai County

$260,000

8.3%

$268,000

9.8%

$275,000

11.5%

Bonner County

$295,000

13.5%

$300,000

13.6%

$262,500

1.0%

Boundary County

$209,000

19.4%

$210,000

0.2%

$171,250

3.8%

             

Source:  Coeur d’Alene MLS and Selkirk MLS, information deemed reliable but not guaranteed

   

For the last three quarters Kootenai County median home prices have increased by 9.1% over the same period of the previous year.  Bonner County experienced an 11.3% increase over the same period while Boundary County experienced a smaller increase of 3.8%. 

Looking at the three northern counties of Idaho together, for the last three quarters when compared to the same three quarters the year before there was an increase in the number of homes sold by 5.2% and the median home sales price increased over $24,000 to $244,500.  Together this resulted in an increase in gross residential sales of $178,000,000 or 16%.

For the three northern counties of Idaho the supply of homes for sale is decreasing as demonstrated by the declining number of active residential listings (down nearly 10% from this time last year) from which to choose.  In addition, median home sales prices are increasing faster than the national average (10% for North Idaho versus just under 6% nationally).  The days on market for a house to sell decreased almost two weeks (to 76 days).  These are indicators of a real estate market that continues to strengthen significantly.  For someone considering the sale of their home as we come into the beginning of a new real estate season the data would suggest that it is a good time to sell with an opportunity to obtain top dollar for your property.

  1. The median home price is that price at which half of the homes sold for more than that amount and half sold for less than that amount.  The median price is used to remove bias from home prices introduced by high end properties. 

 

Home Staging to Dwell – And Sell!
Cathy Gibson Home Staging
509-481-3142
cgibsonhs@gmail.com

Welcome spring!  It has been a busy winter of paint color presentations, color and staging consultations, and several redesign projects.  Hopefully 2014 has brought some good things for you as well!  Often, after a home has been staged to sell, I hear some version of “I wish I had done this yearsago so that I could have enjoyed it!”  It has motivated me to list some of the simple things that can be done to maximize enjoyment of your home now- while you can be there to appreciate it!

  1. Replace your old entrance mat with a fresh new one.I find good ones at Target.
  2. Add a vase of flowers or branches to your foyer table.
  3. Put up a rod and inexpensive curtain panels in the living room. West Elm is one source.
  4. Replace tired sofa pillows with a few bright patterned ones.Pier 1 has some great ones.
  5. Use a large tray on your coffee table for books, plants, candles. Pier 1 again.
  6. Add a round mirror to the living room for a little sparkle.
  7. Replace an old lamp shade with a new drum shade.Target usually has a good selection.
  8. Clear the small appliances off of the kitchen counter, leaving just one favorite.
  9. Add a little fresh green to your kitchen- pots of herbs, a plant, leaves in a vase.
  10. Paint your bath a spa-like color- BM Gray Cashmere or SW Sea Salt.
  11. Add fluffy new white towels for the bathrooms and if it is tired… a new shower curtain.
  12. Glam up your master bath- use clear glass cannisters for soaps, cotton balls, Q-tips; pour mouthwash into a decanter; place everything on a tray on the counter.
  13. Move the living room furniture away fromthe walls and group it around a coffee table.
  14. Paint is a stager’s best friend, as it can update so many things: baseboards and trim, tired cabinets and furniture, the back wall of bookshelves, mirror and picture frames, chandeliers, even vinyl floors!  Directions for painting anything can be found online.
  15. Use rectangular baskets (Target) for small paperbacks and loose papers on bookshelves.
  16. Move your art around!  Try grouping smaller pieces together. Or create new pieces by framing your children’s drawings- and group 3 or 4 of them for a great addition to any room.
  17. Try one or two oversized accessories- art, vase, candlesticks, mirror.
  18. Dress your dining room table:  table runner, 3 large glass jars or hurricanes with ivory       candles, and coffee beans for filler.  Bonus- this smells great!   Enjoy!

The Art of Art in Home Staginghomestaging

Editing, adding, re-arranging, grouping and re-hanging art is something that happens at almost every home that I stage, as it plays a big part in how the home is experienced by prospec-tive buyers.Because it is something that tends to intimidate many, I would like to share some tips on using art to best advantage in a home for sale.
First, how much should there be?  Some homes have none. Some have photos on every available patch of wall. Generally, less is more.  A home can look a little stark with nothing on the walls, but too much starts to distract from the home’s selling features. 1 or 2 pieces per room is the happy medium.
Choose pieces that have colors that relate in some way to other colors in the room.
In a home for sale, an at-mosphere of relaxation is ideal.  I choose art that features nature scenes, foliage, flowers, or animals. I ask sellers to pack family photos, and pieces that have religious or political themes.
Smaller pictures, grouped 2” apart, can read as one larger piece. This works better than small pieces spread around, which can look busy and cluttered.
It looks best when the size of the piece, or grouping, is about 2/3 the size of the wall space. Or, about 2/3 of the width of a sofa or table that sits below it.
How high to hang it? Usually, the center of the piece should be at eye level, or about 63” from the floor.  If it is hanging above a sofa, allow 6-8” between the top of the cushions and the bottom of the art frame.

“Upscale Vacation Rental”This is the visual that I use to best describe to a seller the look to aim for.  A place that is sparkling clean, ready to welcome guests- fluffy towels, fresh linens and flowers, some well chosen neutral décor. If you would like help getting your listing to this point- please call me!