Market Update
September 2019
Kootenai County Single Family
Average Sold Price Interest rate took
a jump … PANIC
Interest rate
dips to all
time low
Spring
Fall
Spring
Fall
Spring
Fall
Spring
Fall
Spring
Fall
Spring
Fall
Spring
2013 Avg Sold Price 2019
Kootenai County Single Family
Units Sold
High
High High
High High
High High
LOW LOW LOW
LOW LOW
LOW
Spring
Fall
Spring
Fall
Spring
Fall
Spring
Fall
Spring
Fall
Spring
Fall
Spring
2013 Units sold 2019
Kootenai County
Sold Vs. New listings
Single Family
Kootenai County
Vacant Land
Sold Vs New listings
2Single Family Kootenai County
Why does it feel like “everyone” is a Realtor
Lawrence Yun says…..
https://youtu.be/09-tNYbVQoA?t=1247
https://youtu.be/09-tNYbVQoA?t=1247
What the expert economists say….
• “As we look ahead to the next recession, it’s important
to recognize how unusual the conditions were that
caused the last one, and what’s different about the
housing market today. Rather than abundant homes,
we have a shortage of new home supply. Rather than
risky borrowers taking on adjustable-rate mortgages,
we have buyers with sterling credit scores taking out
predictable 30-year fixed-rate mortgages. The housing
market is simply much less risky than it was 15 years
ago.”
• Zillow Economist, Jeff Tucker
Top 3 Triggers for next Recession
Trade Policy
Stock Market Correction
Geopolitical Crisis
Coming in at #9 …
Housing Slowdown
https://pulsenomics.com/surveys/#home-price-expectations
When Will Next U.S. Recession Begin?
46%
21% 24%
10%
2019
2020 2021 After 2021
Pulsenomics, Duke, NABE and WSJ
4.1 PROJECTED
Mean Percentage Appreciation
3.4
2.8 3.0
2.5
2019 2020 2021 2022 2023
Home Price Expectation Survey 2019 2Q
Mortgage Rate Projections
Quarter Freddie Fannie MBA NAR Average
Mac Mae of All Four
2019 3Q 3.9 3.7 3.9 3.8 3.82%
2019 4Q 3.9 3.7 3.9 3.8 3.82%
2020 1Q 3.9 3.7 3.9 3.9 3.85%
2020 2Q 3.9 3.7 3.9 4.0 3.87%
Residential Snap Shot
January 1st , 2019-August 31st , 2019
Area Residential Snap Shot 03 Hayden
01 CdA Area 02 Post Falls Area
Active Listings 776
Homes Sold/Closed YTD November 1st, 2018 – January 31, 2019 450
Avg Days on Market 1526 Active Listings 1558 Active Listings 86
Median Sales Price $358,000
Avg Sales Price 933 Homes Sold/Closed YTD 917 Homes Sold/Closed YTD $422,000
SP/OLP 97%
82 Avg Days on Market 97 Avg Days on Market
$320,000 Median Sales Price $284,000 Median Sales Price
$360,000 Avg Sales Price $314,000 Avg Sales Price
98% SP/OLP 99% SP/OLP
Area 04 Rathdrum/Twin Lakes Area 04a Hauser Lake Area 05 Athol/Spirit Lake NW Kootenai Co
Active Listings 569 Active Listings 41 Active Listings 207
Homes Sold/Closed YTD 336 Homes Sold/Closed YTD 22 Homes Sold/Closed YTD 129
Avg Days on Market 103 Avg Days on Market 73 Avg Days on Market 88
Median Sales Price $287,000 Median Sales Price $496,000 Median Sales Price $300,000
Avg Sales Price $328,000 Avg Sales Price $472,000 Avg Sales Price $324,000
SP/OLP 99% SP/OLP 98% SP/OLP 98%
Area Athol/Bayview 06 NE Kootenai Co Area 12 Silver Valley Area All Kootenai Co
Active Listings 105 Active Listings 383 Active Listings 5300
Homes Sold/Closed YTD 48 Homes Sold/Closed YTD 210 Homes Sold/Closed YTD 2994
Avg Days on Market 90 Avg Days on Market 104 Avg Days on Market
Median Sales Price Median Sales Price $137,000 Median Sales Price 93
Avg Sales Price $392,000 Avg Sales Price $154,000 Avg Sales Price $313,000
SP/OLP $410,000 SP/OLP 95% SP/OLP $367,000
97% 96%
*Data provided by Cda MLS
Residential Sales Comparison Year over Year
All MLS
722 676
691
583 653 590
585
535 617
586
461 462 530
388
461 459
319311 307
324
Jan Feb March April May June July Aug Sept Oct Nov Dec
2014 Sold 2015 Sold 2016 Sold 2017 Sold 2018 Sold 2019 Sold
*Data provided by CDA MLS
Months of Inventory Analysis
Kootenai Site Built < 2 Acres
June 1st ,2019 through August 31st, 2019
350
300 288
250
201
200
149 148
150
109
98
100 90
77
59
51
50 40
32
26
122 333 19 15 1 1 2 2 4 1823 2 1715 21 12 18 21 754 21
61 0 2 3 97 66 11 53 61
5
0
Active Listings Sold During Time Period Months of Inventory
Talking Points….
• Historically Fall is when the relationship between New listings and
Sales is an advantage to a seller. New inventory coming onto the
market is slowing to match the number of sales in the market.
• Currently new construction sales YTD are approximately 22% of all
the closed sales MLS wide.
• The premier buyer (above $500k) is up 2.8% from this time last year
to make up approximately 14% of the market. (12.5% of those
buyers are between $500-1 mill)
Months of Inventory Analysis
CDA Site Built < 2 Acres
June 1st , 2019 through August 31st, 2019
100
95
90
80 77
70
60
60
50 36
41
40
30 26 27
25
21 22 21 21
20 20
14
12
10 6 7 99 5 443 452 5
23 32 00
21 1 1 1 1 2 3 010 3 2 000 10
11 0
0
Active Listings Sold During Time Period Months of Inventory
*Data provided by Cda MLS
Months of Inventory Analysis
Residential Waterfront
June 1st ,2019 through August 31st, 2019
40
36 36
35
30
25 21 21
21
20
15 15 18
15
15 15
13 12 12 14
10 9 9 9
8
5 8
5 66
6 55
5
33
11 2 22 122
0 1 111
00 00 00 0 00 00
Active Listings Sold During Time Period Months of Inventory
*Data provided by Cda MLS
Months of Inventory Analysis
Kootenai Site Built > 2 Acres
June 1st ,2019 through August 31st , 2019
350
300 288
250
201
200
149 148
150
110
98
100 90
77
58
51
50 40
32
26
122 333 19 15 1 1 2 2 4 1823 2 1715 21 12 18 21 754 21
61 0 2 3 97 66 11 53 61
5
0
Active Listings Sold During Time Period Months of Inventory
Months of Inventory Analysis
Post Falls Site Built < 2 Acres
June 1st, 2019 through August 31st , 2019
140
127
120
100
80 77
72
60 40 48 52 30 19 7 434 113 12 100 100
1 2 47 24 14 10 4
40
3 2 4 1
20
5
0
0
Active Listings Sold During Time Period Months of Inventory
Months of Inventory Analysis
Rathdrum Site Built < 2 Acres
June 1st, 2019 through August 31st, 2019
35
32
30
25
20 18
15 5
15 1
10 11
9
5 3 44 8 6 3
0 2 3 5 0
1 2
0 2 1
0
Active Listings Sold During Time Period Months of Inventory
Months of Inventory Analysis
Hayden Site Built < 2 Acres
June 1st, 2019 through August 31st , 2019
35
30
30
26
25 24
20
18
17
15
10 12 11 10 10 10 9
10 22 3 8
4 3
6 8 1 8 6 4 6 1
1 6
5 4 4 4 2 44
5 2 22 1 3
1 1 00
0
0
Active Listings Sold During Time Period Months of Inventory
*Data provided by Cda MLS