JUNE 2023 MARKET UPDATE
*Data provided by Cda MLS Residential Snap Shot January 1st, 2023- May 31st, 2023 Area 01 CdA Active Listings 770 Homes Sold/Closed YTD 294 Avg Days on Market 79 Median Sales Price $540,000 Avg Sales Price $606,000 SP/OLP 93% Area 02 Post Falls Active Listings 699 Homes Sold/Closed YTD 348 Avg Days on Market 91 Median Sales Price $470,000 Avg Sales Price $560,000 SP/OLP 95% Area 03 Hayden Active Listings 365 Homes Sold/Closed YTD 143 Avg Days on Market 81 Median Sales Price $595,000 Avg Sales Price $730,000 SP/OLP 94% Area 04 Rathdrum/Twin Lakes Active Listings 513 Homes Sold/Closed YTD 161 Avg Days on Market 125 Median Sales Price $489,000 Avg Sales Price $582,000 SP/OLP 98% Area 04a Hauser Lake Active Listings 65 Homes Sold/Closed YTD 23 Avg Days on Market 123 Median Sales Price $845,000 Avg Sales Price $775,000 SP/OLP 96% Area 05 Athol/Spirit Lake NW Kootenai Co Active Listings 105 Homes Sold/Closed YTD 36 Avg Days on Market 80 Median Sales Price $483,000 Avg Sales Price $597,000 SP/OLP 97% Area Athol/Bayview 06 NE Kootenai Co Active Listings 74 Homes Sold/Closed YTD 25 Avg Days on Market 176 Median Sales Price $800.000 Avg Sales Price $897,000 SP/OLP 96% Area 12 Silver Valley Active Listings 211 Homes Sold/Closed YTD 87 Avg Days on Market 87 Median Sales Price $300,000 Avg Sales Price $314,000 SP/OLP 93% Area All Kootenai Co Active Listings 2,819 Homes Sold/Closed YTD 1,080 Avg Days on Market 94 Median Sales Price $525,000 Avg Sales Price $655,000 SP/OLP 95%
341 324 461 435 586 617 396 691 585 590 344 266 199 249 346 313 390 Jan Feb March April May June July Aug Sept Oct Nov Dec 2018 Sold 2019 Sold2 2020 Sold 2021 Sold2 2022 Sold 2023 Sold2 Residential Sales Comparison Year over Year All MLS *Data provided by CDA MLS
ALL MLS SINGLE FAMILY MEDIAN SOLD VALUE BY WEEK 546,000550,000 472,000 519,000 530,000 451,000 505,000 550,000 525,000 552,000 555,000 541,000 22-JAN 29-JAN 5-FEB 12-FEB 19-FEB 26-FEB 5-MAR 12-MAR 19-MAR 26-MAR 2-APR 9-APR 16-APR 23-APR 30-APR 7-MAY 14-MAY 21-MAY 28-MAY 4-JUN Median Sold $
ALL MLS SINGLE FAMILY AVERAGE SOLD VALUE BY WEEK 620,000 514,000 565,000 878,000 544,000 602,000 723,000 731,000 800,000 626,000 649,000 22-JAN 29-JAN 5-FEB 12-FEB 19-FEB 26-FEB 5-MAR 12-MAR 19-MAR 26-MAR 2-APR 9-APR 16-APR 23-APR 30-APR 7-MAY 14-MAY 21-MAY 28-MAY 4-JUN Average Sold $ *Data Provided by TrendGraphix
KOOTENAI SINGLE FAMILY MEDIAN SOLD VALUE BY WEEK 545,000 572,000 475,000 524,000 573,000 453,000 572,000 645,000 543,000 526,000 565,000 538,000 502,000 22-JAN 29-JAN 5-FEB 12-FEB 19-FEB 26-FEB 5-MAR 12-MAR 19-MAR 26-MAR 2-APR 9-APR 16-APR 23-APR 30-APR 7-MAY 14-MAY 21-MAY 28-MAY 4-JUN Median Sold $
KOOTENAI SINGLE FAMILY AVERAGE SOLD VALUE BY WEEK 582,000 687,000 555,000 579,000 1,102,000 545,000 664,000 742,000 853,000 726,000 787,000 633,000 640,000 22-JAN 29-JAN 5-FEB 12-FEB 19-FEB 26-FEB 5-MAR 12-MAR 19-MAR 26-MAR 2-APR 9-APR 16-APR 23-APR 30-APR 7-MAY 14-MAY 21-MAY 28-MAY 4-JUN Average Sold $ *Data Provided by TrendGraphix
• 8 homes over 3 million have sold since may 1st . • 4 of those were over $4 million • Average cost of a new construction 3/2 1200-1400 sq ft is $404,000. Median is $412,000 • Average cost of a resale 3/2 1200-1400 sq ft home is $426,000. Median is $416,000
KOOTENAI SINGLE FAMILY PENDING BY WEEK 56 43 63 53 44 41 69 65 70 88 70 81 68 82 22-JAN 29-JAN 5-FEB 12-FEB 19-FEB 26-FEB 5-MAR 12-MAR 19-MAR 26-MAR 2-APR 9-APR 16-APR 23-APR 30-APR 7-MAY 14-MAY 21-MAY 28-MAY 4-JUN Pending Sales *Data Provided by TrendGraphix
KOOTENAI SINGLE FAMILY NEW LISTINGS BY WEEK 53 75 59 71 78 72 96 111 95 149 148 118 22-JAN 29-JAN 5-FEB 12-FEB 19-FEB 26-FEB 5-MAR 12-MAR 19-MAR 26-MAR 2-APR 9-APR 16-APR 23-APR 30-APR 7-MAY 14-MAY 21-MAY 28-MAY 4-JUN *Data Provided by TrendGraphix
Average Sales Price All MLS $567,000 $870,000 $1,768,000 $578,000 $846,500 $2,102,000 Res <2 Ac Res >2 Ac Res H2O *Data provided by Coeur d’Alene MLS 1 st Qtr 2023 vs. YTD 6/12/23 +2% -3% +18%
2022/2023 Average Sales Price All MLS 337,418 491,000 500,833 $288,000 $508,000 $548,000 Vacant Land Condo Multi-Family *Data provided by Coeur D’Alene MLS -17% +3% +10% 1 st Qtr 2023 vs. YTD 6/12/23
% Change in Median Sold Values Kootenai County all Residential 290,000 320,000 375,000 501,000 555,000 520,000 2018 2019 2020 2021 2022 2023 YTD 10% 17% 34% 10% -7% 5/9/2023
170 148 104 96 15% 17% 24% 35% (West Region) 3.17% 3.01% 5.4% 6.42% $84k $86K $88k $99.5K $1035 $1206 $1765 $2969 2020 2021 2022 2023 YTD Housing Affordability Housing Affordability Index Payment as a percent of income Mortgage Rate Qualifying Income Monthly P & I https://www.nar.realtor/research-and-statistics/housing-statistics/housing-affordability-index
Some Experts Say: “This Real Estate Market Is the Strongest of Our Lifetime” 1. The Current Mortgage Rate on Existing Mortgages WHY? -over 80% of existing mortgages have a rate below 5% -over 50% of mortgages have a rate below 4% *Economist from Keeping Current Matters
2. The Amount of Homeowner Equity -Roughly two-thirds (around 68%) of homeowners have either paid off their mortgage or have at least 50% equity We are in one of the most foundationally strong housing markets of our lifetime because homeowners are going to fight to keep their current mortgage rate, and they have a tremendous amount of equity. This is yet another reason things are fundamentally different than in 2008.
*Economist from Keeping Current Matters
TALKING POINTS • Homes for sale are up around 25% • And about 42% from last year • Homes closed are up 23% from last month • But still down 20% from last year • Homes pending are up 22% from last month • And are up 14% from last year • DOM is down 5% from last month (80) • But is up 31% from last year • SP/LP is up 1% from last month • But down 3% from last year • MOI is up 2% to 4 Months of Inventory All Residential/All MLS
With our local real estate market changing in 2023, you may have questions on how this will effect you. Mike’s forecast for 2023. Inflation is trending downward. As interest rates trend downtown, home mortgage rates will also trend downward. As the interest rates come down, our local real estate market activity will increase. Home prices are stabilizing and look for home prices to increase slightly next year. Questions? Comments? Contact Mike. Mike McNamara, Realtor ABR, CRS, GRI, CNE, e-PRO Windermere Coeur d’Alene Realty Cell 208-660-6320 [email protected] www.HomesCDA.com