Welcome to our latest blog post where we delve into the real estate market trends for March 2024 in Coeur d’Alene and the greater North Idaho area. Whether you’re a prospective homebuyer, a current homeowner thinking of selling, or simply a real estate enthusiast, this update is tailored to provide you with all the insights you need.
This month has seen some intriguing shifts and changes in the market dynamics of Coeur d’Alene and North Idaho. We’ve carefully analyzed these trends to help you understand what they mean for the local real estate scene.
In this blog post, we cover:
- Current Market Overview: We start with a comprehensive look at the North Idaho real estate landscape, noting any changes from earlier in the year.
- Trends in Home Prices: Understanding where home prices are headed is crucial. We discuss whether prices are climbing, stabilizing, or decreasing and the factors influencing these trends.
- Inventory Insights: The availability of homes can greatly impact market conditions. We explore whether there has been an increase in listings and what this means for buyers and sellers.
- Interest Rate Developments: Interest rates can significantly affect your buying power. We examine their current status and future predictions, providing insights into how this could impact your purchasing decisions.
- Strategic Advice: Based on the latest data, we offer tailored advice for buyers and sellers to navigate the market effectively.
For a deeper dive into these topics, don’t miss our detailed video discussion linked below, where we break down these points with visual aids and expert commentary.
This blog post and accompanying video are designed to keep you informed about the latest market conditions so you can make well-informed decisions. Don’t forget to subscribe for more updates, and please share your thoughts and questions in the comments section below. We love hearing from you and aim to foster a knowledgeable community interested in North Idaho real estate.
Tags: #CoeurdAlene #NorthIdaho #RealEstateTrends #March2024 #PropertyMarket #HomeBuyingTips #RealEstateInvestments
March 2024 Market Trends
** Please note I have changed the way I do these stats – these ones are a glance of just that month
-There were 324 closed homes through the entire MLS for March
-25.6% of the homes that closed were cash sales which was 83 homes
– Breakdown for cash sales: 16 homes sold under $300k, 24 homes sold $300k-$500k, 29 homes sold $500k-$750k, 8 homes sold $750k- $1mil, 4 homes sold $1mil-$2mil, 2 sold for over $2mil
-The majority of the homes that closed were in the price range $400k-$499k – which has been similar in past months
-25 homes sold for over $1 million in March – compared to 23 closed in February
-The price range with the most price changes was the $400k-$499k -which is the same price range than the previous month with $500k-$599K not that far behind
-Sales for the month of March were down 9.2% from the same time last year
-Median sales price of sold homes was $494,000 which is a decrease of $1,000 from the previous month but a 2.5% increase from March 2023 when is was $482,177
-The median days on the market for March was 68 days.
-For New construction homes there are some options that came available under $400K and some of the builders are still offering incentives
– There are currently 3 active short sales in our MLS
– There are currently 3 REOs (or bank owned properties) in our MLS
-For the closed properties for this month-
–11.46% of the closed properties were on the market 0-30 days and those home closed within 98.85% of the original list price
–31.58% of them closed after being on the market for 31-60 days and those homes closed within 97.94% of the original listing price.
–15.17% of them closed with being on the market from 61-90 days and those homes closed within 94.99% of the original listing price.
–8.05% of them closed with being on the market 91-120 days and those homes closed with 95.31% of the original listing price
–33.75% of them closed with them being on the market for 121+ days and those homes closed within 94.10% of the original listing price
— So break down on that for buyers – you don’t have to be in as much of a rush to make an offer on a home and most buyers are taking their time to think about the home, payments and make sure it is the right home for themselves. But if a home is priced right and you like it, don’t wait too long because homes priced right are getting offers on them. I have heard of a few properties still getting multiple offers on them. If you are looking to find a deal, look for homes that have been on the market for 2-3 months or more than 4 months. For a seller– if you price your home right in the beginning chances are an offer may be closer to the list price than if it sits on the market but buyers are still making offers on homes and not at full price. The longer your home sits on the market the less a buyer will be willing to pay for it. We are seeing a lot more homes come back on the market -either due to inspection contingencies, homes sale contingencies and/or financing contingencies.
** Information is based on numbers from the CdA MLS and provided by Amanda Kuespert, Phenix Agency, Inc
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