Welcome back to our channel, real estate enthusiasts! Today, we’re diving deep into the vibrant Coeur d’Alene market to uncover the hottest trends of November 2023. Whether you’re a seasoned investor, a curious buyer, or simply looking for valuable insights, you’ve come to the right place. Join us as we navigate through the latest data, key takeaways, and expert analysis in this exciting episode of Coeur d’Alene Real Estate Trends.
November 2023 Market Trends
** Please note I have changed the way I do these stats – these ones are a glance of just that month with % vs last year this same month
-There were 307 closed homes through the entire MLS for November
-39% of the homes that closed were cash sales which was 119 homes
– Breakdown for cash sales: 18 homes sold under $300k, 31 homes sold $300k-$500k, 46 homes sold $500k-$750k, 8 homes sold $750k- $1mil, 13 homes sold $1mil-$2mil, 3 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
-35 homes sold for over $1 million in November – compared to 49 closed in October
-The price range with the most price changes was the $400k-$499k -which is the same price range than the previous month
-Sales for the month of November was only down 12.4% from the same time last year
-Median sales price of sold homes was $525,000 which is a decrease of $5,000 from the previous month but a 2.5% increase from November 2022 when is was $512,000
-The median days on the market for November was 82 days.
-For New construction homes there are a lot more options that came available under $400K and some of the builders offering incentives
– There are currently 2 short sales in our MLS- one is pending and one just came back on the market
– There are currently 3 REOs (or bank owned properties) in our MLS- 1 is currently pending and 2 are active
-For the closed properties for this month-
–9.77% of the closed properties were on the market 0-30 days and those home closed within 96.80% of the original list price
–25.08% of them closed after being on the market for 31-60 days and those homes closed within 96.79% of the original listing price.
–20.20% of them closed with being on the market from 61-90 days and those homes closed within 92.78% of the original listing price.
–14.66% of them closed with being on the market 91-120 days and those homes closed with 89.55% of the original listing price
–30.29% of them closed with them being on the market for 121+ days and those homes closed within 90.59% 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 if you are looking to find a deal look for homes that have been on the market for 3-4 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. We are seeing a lot more homes come back on the market -either due to inspection contingencies, homes sale contingencies and financing contingencies.
** Information is based on numbers from the CdA MLS and provided by Amanda Kuespert, Phenix Agency, Inc
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