August_2021_STATS

MARKET UPDATE

August 2021

NEW CONSTRUCTION

Historically, builders
completed an average of
1.5 million new housing
units per year. However,
since the housing bubble
in 2008, the level of new
home construction has
fallen off

That means if we
build even more new
houses than the norm
every year, it’ll still take
a decade to close the
underbuilding
gap contributing to today’s
supply-and-demand mix.

We think ongoing supply constraints are also likely dragging on sales as builders have delayed breaking
ground on projects, which is reflected in the share of homes for sale but not yet started hitting a record high
at nearly 30 percent.

• Lumber futures as of July 30 were
hovering around $603 per thousand board
feet - 64% lower than the record high of
$1,711 achieved in May.A year ago, the
commodity was trading at roughly $448
per thousand board feet.

• But with the nearly $1 trillion
bipartisan infrastructure deal moving
through Congress, a continued rise of
housing prices thanks to near-zero
interest rates, and seasonal historic trends,
there is a good chance lumber prices
will rise again, to as high as $1,000
per thousand board feet, according to
Joshua Mahony, senior market analyst at
trading platform IG.



The Difference A Year Can Make…..

4 REASONS WHY THE END OF FORBEARANCE WILL
NOT LEAD TO A WAVE OF FORECLOSURES

• 1.There are fewer homeowners in trouble this time
• 2. Most of the 1.86M in forbearance have enough equity to sell their home
• 3.The current market can absorb any listings coming to the market
• 4.Those in power will do whatever is necessary to prevent a wave of foreclosures

• agencies will continue requiring mortgage servicers to offer options that allow borrowers to move missed payments to
the end of the mortgage at no additional cost to the borrower.”

• The new steps the HUD, USDA, and VA are announcing will aim to provide homeowners with a roughly 25%
reduction in borrowers’ monthly principal and interest (P&I) payments to ensure they can afford to remain in
their homes and build equity long-term.



Primary Mortgage Market Survey (PMMS) rates are representative interest rates for conventional mortgage
products based on a survey of lenders on the rates, points, and fees for their mortgage products.

Residential Snap Shot
January 1st, 2021- July 31st, 2021

Area 01 CdA Area 02 Post Falls Area 03 Hayden

Active Listings 1,050 Active Listings 970 Active Listings 550
Homes Sold/Closed YTD 783 Homes Sold/Closed YTD 763 Homes Sold/Closed YTD 390
Avg Days on Market 76 Avg Days on Market Avg Days on Market
Median Sales Price Median Sales Price 73 Median Sales Price 69
Avg Sales Price $498,000 Avg Sales Price $431,000 Avg Sales Price $545,000
SP/OLP $578,000 SP/OLP $487,000 SP/OLP $693,000

101% 102% 99%

Area 04 Rathdrum/Twin Lakes Area 04a Hauser Lake Area 05 Athol/Spirit Lake NW Kootenai Co

Active Listings 458 Active Listings 53 Active Listings 153
Homes Sold/Closed YTD 371 Homes Sold/Closed YTD 31 Homes Sold/Closed YTD 121
Avg Days on Market 117 Avg Days on Market 56 Avg Days on Market 91
Median Sales Price $427,000 Median Sales Price $696,000 Median Sales Price $485,000
Avg Sales Price $505,000 Avg Sales Price $649,000 Avg Sales Price $536,000
SP/OLP 101% SP/OLP 101% SP/OLP 100%

Area Athol/Bayview 06 NE Kootenai Co Area 12 Silver Valley Area All Kootenai Co

Active Listings 65 Active Listings 292 Active Listings 3,552
Homes Sold/Closed YTD 37 Homes Sold/Closed YTD 205 Homes Sold/Closed YTD 2,639
Avg Days on Market 60 Avg Days on Market Avg Days on Market
Median Sales Price $613,000 Median Sales Price 64 Median Sales Price 81
Avg Sales Price $614,000 Avg Sales Price $239,000 Avg Sales Price $475,000
SP/OLP 99% SP/OLP $249,000 SP/OLP $597,000

97% 101%

*Data provided by Cda MLS

Residential Sales Comparison Year over Year
All MLS

782 691 585 590

662

617 597 597
545
510 546 545

366 403 461 448
586
319 324

Jan Feb March April May June July Aug Sept Oct Nov Dec

2016 Sold 2017 Sold 2018 Sold 2019 Sold 2020 Sold 2021 Sold

*Data provided by CDA MLS

RESIDENTIAL RE-SALE
KOOTENAI COUNTY

SINGLE FAMILY LESS THAN 2 ACRES

Median Sales Price

494,800 478,000 476,000 519,000

425,000 450,000 470,000

Jan Feb March April May June July

Median Sales Price

RESIDENTIAL RE-SALE

KO OT E N A I C O U N T Y
S I N G L E FA M I LY
0-$500,000
LAST 15 WEEKS

Kootenai County Re-Sale
Single Family
$0-$500,000
Last 15 Weeks

Kootenai County Re-Sale
Single Family

$500,000-$750,000
Last 15 Weeks

ENTRY LEVEL HOMES

MEDIAN SALES PRICE
KOOT E NAI COUNT Y

SI NG LE FAMI LY
$300,000 - $400,000 SALES PRICE

360,000 370,000 372,000
362,000

347,000 345,000 342,000 355,000
340,000 341,000 340,000

Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21

Median Sales Price Linear (Median Sales Price)

*Data Supplied by TrendGraphix

MEDIAN SALES PRICE
KO OT E N A I C O U N T Y

S I N G L E FA M I LY
$300,000 - $400,000

LAST 15 MONTHS

360,000 370,000372,000
362,000

347,000 345,000341,000 342,000 355,000
340,000 340,000

Median Sales Price Linear (Median Sales Price)

*Data Supplied by TrendGraphix

MEDIAN SALES PRICE
KOOT E NAI COUNT Y
SI NG LE FAMI LY R E - SAL E
$400,000 - $500,000

LAST 15 MONTHS

360,000 370,000372,000
362,000

347,000 345,000341,000 342,000 355,000
340,000 340,000

Median Sales Price Linear (Median Sales Price)

*Data Supplied by TrendGraphix

MOVE UP BUYER

MEDIAN SALES PRICE
KOOT E NA I C OU NT Y
SI NG LE FAMI LY R E - SAL E

LAST 15 MONTHS

360,000 370,000372,000
362,000

347,000 345,000341,000 342,000 355,000
340,000 340,000

Median Sales Price Linear (Median Sales Price)

WHAT WILL HAPPEN IF WE HAVE ANOTHER
COVID SHUTDOWN IN THE FUTURE?

TALKING POINTS

• Total homes for sale in Kootenai County are up 31% from last month
• But still down 46% from this time last year
• New listings on the market for July are up 10% from last month and 6% compared to same

time last year.
• Homes Closed in Kootenai County are up 11% from last month
• But down 8% from same time last year
• Pending sales are up 2% from last month, and level with this same time last year.