Kootenai County housing sales rise
BILL BULEY | Hagadone News Network | UPDATED 1 year, 2 months AGO
This home on Government Way is for sale for $599,995.
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. | October 8, 2024 1:08 AM
The Kootenai County housing market is continuing to see increases in sales and prices, according to the September report from the Coeur d'Alene Regional Realtors.
The median price of a Kootenai County single-family home edged up to $526,750, a slight increase from one year ago, while the number of homes sold through September, 1,830, was up 10% from the same time last year.
More people have put their home on the market. The number of homes for sale, 1,135, was up 7.3% from 1,058 for September 2023, according to Coeur d'Alene Regional Realtors.
Jennifer Smock, co-owner and managing broker with Windermere Real Estate, said the local real estate market remains strong, though Monday's slight increase in interest rates may slow its momentum.
"Both buyers and sellers are currently in a wait-and-see mode regarding their future plans, with some opting to hold off until after the election," Smock said. "However, as we all know, life events continue to drive housing decisions, and many who have been waiting are now ready to make their move."
According to bankrate.com, the average 30-year fixed mortgage interest rate Monday was 6.29%. The national average 15-year refinance interest rate was 5.54%, also slightly up from last week.
"For now, the consensus is that mortgage rates will ease down in 2024," according to bankrate.com.
In Shoshone County, the median home price was $282,400, down 6% from one year ago, while the number of homes sold through September totaled 123, a slight increase from September 2023.
The number of homes for sale in Shoshone County as of Oct. 3 was 110, a 25% increase from the same time last year.
One of the most expensive homes for sale in North Idaho is in Hope. The 10,000-square-foot home on a 4.46-acre waterfront parcel with its own waterfall is listed a dollar shy of $12 million.
Smock expects the housing market to do well into the final months of this year and into 2025.
"I firmly believe we’re poised for a strong real estate season this fall and into early winter," she said.
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