COEUR D'ALENE HOUSING MARKET
COEUR D'ALENE HOUSING MARKET
IN APRIL, 2024
TRENDS
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National Sales were down 7% in February YoY
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Housing prices continue to rise and show no signs of dropping anytime soon.
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National inventory is incredibly constrained and new home builders are not keeping up with demand
BUYING
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Buyers are back! The spring selling season is in full swing and data supports it
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Inventory is on your side and you may be able to pick up some incentives
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Because of this, it's still the best time to buy vs. any time in the past few years (if you can afford it!)
SELLING
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Cd'A Median Sale prices are up 2.5% YoY to $494k
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Buyers are out there but still constrained by mortgage rates. Even so, we're far from a seller's mar
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On average, homes are spending over 106 days on the market
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.
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If you're a seller who has to move, list at a sensible price and be prepared for 60-120 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.
