COEUR D'ALENE HOUSING MARKET
QUICK COEUR D'ALENE HOUSING MARKET FACTS
FOR MAY, 2023
TRENDS
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Cd'A inventory is at 790 suggesting there are more homes available than buyers
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Cd'A in a neutral, semi-competitive market
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Cd'A Median Home prices are down 6.4% Year Over Year
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Sales were down 28.9% in April YoY
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Mortgage application rates are at 30-year lows
BUYING
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As the inflation rate remains high, interest rates remain high and the chance of snagging a great property at a decent price remains moderate
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Because of this, it's still the best time to buy vs. any time in the past few years
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However, your window is rapidly closing ⏱
SELLING
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Sale prices are lower YoY but still rising MoM
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Buyer competition is heating up
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On average, homes are spending 98 days on the market (+42% YoY)
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You can sell your home. You're no longer stuck, unable to sell
CD'A MARKET SUMMARY
Here's how I recommend responding.
If you're a buyer, dive in, pick up a property with a low purchase price 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 10-30 days on 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.
