Kootenai County Housing market gaining momentum
BILL BULEY | Hagadone News Network | UPDATED 1 year, 7 months AGO
This Coeur d'Alene home is for sale on Monday.
BILL BULEY/Press
Bill Buley covers the city of Coeur d'Alene for the Coeur d’Alene Press. He has worked here since January 2020, after spending seven years on Kauai as editor-in-chief of The Garden Island newspaper. He enjoys running. | May 7, 2024 1:08 AM
COEUR d’ALENE — Kootenai County’s housing market is looking up.
According to the Coeur d’Alene Regional Realtors, several key indicators predict a strengthening real estate economy heading into summer.
“We are starting to see some life in the real estate market,” said Jared McFarland, a real estate agent with Century 21 Beutler and Associates, on Monday. “It seems that there are more buyers out there than there were compared to this time last year. I think the sales numbers are confirming that.”
The CRR reported that the median price of a single-family home in Kootenai County was $519,450 in April, up slightly from $515,000 one year ago.
There have been 656 single-family homes sold in the county through April, a 9% increase from April 2023.
There were 865 residential listings as of May 3, a gain of nearly 10% from 790 for the same time last year. Listings jumped nearly 25% from 695 in March, the CCR reported.
“With the nice weather, we are starting to see more listings come on the market as well,” McFarland said. “Inventory is up a little bit but demand is also up a little bit, keeping our market at a nice equilibrium.”
The housing market was quieter in the Silver Valley.
The median price of a single-family home in the Shoshone County was $275,000, down 8.3% from one year ago. The number of residential listings, 76 on May 3, was up from 55 on the same date in 2023. Homes sold in Shoshone County totaled 45 through April, nearly the same as April 2023 when 44 sold.
Interest rates on a 30-year mortgage remained above 7% Monday, coming in at 7.34%, according to bankrate.com. A few years ago, they were around 3%.
“I think that buyers are starting to get comfortable with the interest rates and are starting to realize that they will not go back down to where they were,” McFarland said.
He expects to see more sales and more inventory this year than last.
“A seller who needs to sell can get their home sold if it is priced correctly, and a buyer who needs a house can find something that fits their needs and get it for asking price or just under,” McFarland said.
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