North Idaho Real Estate Blog Keeping the “invisible” property owners of Kootenai County in-the-know, as if you were here on a daily basis. 208.769.9464 * dreamteam @ nidt . com * Author: Christina Ethridge, REALTOR(R)

North Idaho housing starts follow national trend

Lower numbers mean fewer jobs in construction

COEUR d’ALENE — Construction in Kootenai County, as it is across the country, is slowing down.

“(Construction activity is) running about 10 percent below what it was last year,” Kathryn Tacke, Idaho Department of Labor, said of the Panhandle region. “That’s about 730 fewer jobs than we had last year in construction.”

Press article here.

This is absolutely the best news we’ve had in a while.

Why is it good news?  Because Kootenai County is just WEIRD.  Nationwide, approximately 10-12% of all homes sold are new construction.  That’s a national statistic that holds true in most areas.  Not in Kootenai County.  Here, roughly 26-29% of all homes sold are new construction.

Lower housing starts is excellent news for home owners.

Currently, the fact that almost 1 out of 3 homes sold is new construction is seriously hindering the ability of home owners to sell their homes.  When buyers can continue to get a brand new home, with more square footage than a resale offers, they’ll continue buying new construction.

With the slow down of new construction coming, it shows that there will be an upswing in resales. When?  I’m not omnicient so I can’t tell you that but, historically and cyclically it’s about 8-12 months after the housing start slow down.

Posted under Economics of North Idaho, For Investors, For Sellers

2008 Residential Real Estate Stats for Kootenai County - North Idaho Real Estate

A quick look at the residential real estate market in Kootenai County for the past 12 months.

Even with this crazy market, there are still some subsets that are doing very well.  For example, Coeur d’Alene residential homes are showing no drop in average or median sales price.  Homes in Rathdrum and Hauser have shown an 8% (average) & 9% (median) increase in sales price.  We are seeing a higher list price now than the average over the past 12 months and days on market are still very good for our area.

2,943 Active listings
$475, 242 Average list price (today)
$412,577 Average list price over past 12 months
2,198 Sold homes
$270,005 Average sold price
123 Average days on market
2,597 Expired homes (homes that failed to sell)

What’s it look like?  Like this:

10 Year Comparison Feb thru July

This is a comparison chart, provided by the Coeur d’Alene Multiple Listing Service of the past 10 years - February through July only - total number of sales.  Currently, we are sitting somewhere between 2001 and 2002 (although this isn’t totally accurate as it only shows and compares the past 6 months).  This is not a year-over-year comparison.

All information is taken from the Coeur d’Alene Multiple Listing Service.  Information deemed reliable but is not guaranteed.  Information provided is for Kootenai County only and does not encompass all areas that the Coeur d’Alene Multiple Listing Service includes.

Posted under Market Reports

Inc Magazine:
Where Are the Best Cities to Do Business?

Our comprehensive annual guide to which places are thriving — even in an economy many consider in recession.

What a difference a year and a deflated housing bubble makes. Inc.com’s 2008 list of the Best Cities for Doing Business, created in conjunction with Newgeography.com, uncovered some of the most dramatic changes since we started this ranking back in 2004. Five major trends were immediately revealed; trends that are shaping the business environment right now across the country and will continue to over the next several years.

The list focuses on short- and long-term job growth. It tells us precisely not just where jobs are being created — a sure sign of economic vitality — but where the momentum is shifting. For entrepreneurs, this suggests what may be the best places to locate or expand your business.

Some of the other areas in this vast region (Pacific Northwest) benefit from what might be called “grey power.” Older, often more educated and affluent, baby boomers are flocking to the smaller towns and cities in this region, bringing capital and, in some cases, entrepreneurial know-how.

1. Midland, TX
2. St. George, UT
3. Coeur d’Alene, ID
4. Odessa, TX
5. Auburn-Opelika, AL
6. Wilmington, NC
7. Bend, OR
8. Myrtle Beach-North Myrtle Beach-Conway, SC
9. Grand Junction, CO
10. Greenville, NC

Reminder of list here.

Posted under About the Area, Economics of North Idaho

The Washington Post reports that a team of housing economists believe “predictions of further large housing price declines are greatly overblown.”

The Post gathered some of the nation’s top economists to study the housing crisis. They concluded that in reality only four states – Arizona, California, Florida and Nevada – have had home price declines of more than 4 percent in the past year.

The economists said the home price index compiled by the Office of Federal Housing Enterprise Oversight was the most comprehensive of the various indexes.

The Post said, “Our analysis reveals, unsurprisingly, that foreclosures and home prices have negative effects on each other over time, but this does not imply a vicious cycle of collapsing prices. Our models predict that as foreclosures continue to climb in many states, house prices will remain flat or decline in those states — but will not collapse.”

More info here.

©Realtrends.com

Posted under General Real Estate

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