COEUR D'ALENE HOUSING MARKET
QUICK COEUR D'ALENE HOUSING MARKET FACTS
FOR SEPTEMBER, 2023
Sales were down 12.7% in August YoY which is still better than the national numbers
There is a definite glut in inventory in Cd'A and days on market are beginning to rise again
Despite high interest rates, median home prices continue to rise
As interest rates remain high, the chance of snagging a great property at a decent price remains good
Inventory is on your side and you may be able to pick up some incentives
Because of this, it's still the best time to buy vs. any time in the past few years (if you can afford it!)
Cd'A Median Home prices are down 5.26% YoY ($550k)
The market is heating up but buyers are still constrained by mortgage rates
On average, homes are spending about 86 days on the market which is beginning to increase again MoM
CD'A MARKET SUMMARY
Here's how I recommend responding.
If you're a buyer, inventory is on your side. Dive in, pick up a property with a low purchase price and possibly concessions and wait to refinance. Be cautious about asking for too much in terms of upfront credits on those most desirable homes in order to win the offer.
If you're a seller who has to move, list at a sensible price and be prepared for 60-80 days on the market. But if you want top dollar watch these interest rates and wait for them to come down and prices in turn will rise. It might take 18 months but that's just the reality of where we're at.