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The State of the Real Estate Market in Sandpoint
The Real Estate
market has certainly taken a beating in the press lately. It is true, there are
areas of the country that are definitely hurting, Idaho is NOT one of them. In
fact, in the study just released from the National Association of Realtors, they
found that neighboring Washington State has experienced a 30% REDUCTION in the
number of foreclosures occurring in the state. Spokane was 64th out of the 100
regional metro areas, even better than Seattle's ranking of 58. In fact, Seattle
went up, then began to decline, whereas Spokane (which includes Coeur d'Alene)
simply declined. Our area of North Idaho is even better, and sales are actually
ahead of previous years, while foreclosures have not yet affected our market,
and virtually only marginally more than in 2004.Read More...
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Banks with branches in Sandpoint (2007 data):
U.S. Bank National Association:
Sandpoint Branch at 201 Main Street, branch established on 1949-07-20.
Bank assets: $217,802.3 mil, Deposits:
$135,903.1 mil, headquarters in Cincinnati, OH, positive income,
Commercial Lending Specialization, 2565 total offices, Holding
Company: U.S. Bancorp
Wells Fargo Bank, National
Association: Sandpoint Branch at 320 North Fourth Avenue, branch
established on 1976-05-22. Bank assets:
$398,671.0 mil, Deposits: $311,546.0 mil, headquarters in Sioux Falls,
SD, positive income, 3239 total offices, Holding Company: Wells Fargo
& Company
AmericanWest Bank: Sandpoint
Financial Center at 710 Superior Street, Suite C, branch established
on 2006-03-01. Bank assets: $1,415.8 mil,
Deposits: $1,127.2 mil, headquarters in Spokane, WA, positive income,
Commercial Lending Specialization, 48 total offices, Holding Company: Americanwest Bancorporation
Bank of America, National
Association: Sandpoint Branch at 405 North Second Avenue, branch
established on 1916-01-01. Bank assets:
$1,196,123.8 mil, Deposits: $759,600.6 mil, headquarters in Charlotte,
NC, positive income, 5839 total offices, Holding Company: Bank Of
America Corporation
Panhandle State Bank: at Third And
Oak Streets, branch established on 1981-05-18. Bank assets: $911.8 mil, Deposits: $700.5 mil, local
headquarters, positive income, Commercial Lending Specialization, 18
total offices, Holding Company: Intermountain Community Bancorp
Mountain West Bank: Downtown
Sandpoint Branch at 201 East Superior Street, Suite A, branch
established on 2002-10-10. Bank assets:
$919.1 mil, Deposits: $693.3 mil, headquarters in Coeur D Alene, ID,
positive income, Commercial Lending Specialization, 21 total offices,
Holding Company: Glacier Bancorp, Inc.
Prior to the last three
years of our gigantic building boom, we had a normal amount of homes built in
our area.
While the average costs
have remained more or less constant, the cost of building per square foot has
increased for two years, but now may be falling. Lumber and other building
materials have come down, while others, because of gas, etc., have gone up.
There is less building, albeit a small decrease. So, there may be builders and
workers willing to work for lower pay at this moment. While
it may still be possible to build for $100-125 per sq. ft., more are being
constructed in the $150+ range. These projects are drawing the available
builders and construction workers; it makes sense when the potential profits,
even if the percentage remains the same, is substantially higher at $200 per sq.
ft. Being a less populated county, the workforce pool is limited.
Some suggestions are to hire companies in
Spokane or Coeur d'Alene when possible, or to build a higher quality post & beam
or panelized home. For a complete list of these kinds of homes see
Building Resources.
Moody’s, which tracks and
rates businesses and markets, is now tracking real estate markets. While
Kootenai County and Coeur d’Alene have now been given a negative rating, and
even Ada County and Boise have also garnered that negative, Bonner and
Boundary are still rated positive. We are not immune to what is happening in
the rest of the world, and certainly, prices are not rising. Another factor
was the big snow winter we had this season. Let’s compare sales from this
quarter in 2007 to the quarter that just finished this year.
01/01/2008 to
04/04/2008 Residential Sale Total: 94
Median Sales Price:
$213,750
01/01/2007 to
04/04/2007 Residential Sale Total: 149
Median Sales Price:
$240,000
Residential sales are down
37% compared to 1st Quarter last year and 1st Quarter
this year
Median sales price
is down 12%
Sales Volume 2007:
$49,541,148
Sales Volume 2008:
$24,819,552
Sales volume is 50%
of last year, same quarter
Comparison by Price:
$100,000 to $199,000:
2007 – 42 Sales, 2008 – 35
Sales down 17%
$200,000 to $259,000:
2007 – 34 Sales, 2008 – 16
Sales down 53%
$260,000 to $999,000:
2007 – 69 Sales, 2008 – 32
Sales down 54%
List to Sell Ratio: 94% of
Asking Price for both quarters
Currently, there are 99
Pendiing Sales that will be posted in the 2nd Quarter
In 2007 our market
sold 936 homes and condos with a median sales price of $252,950 for a total
volume of $306,690,877. Average Days on Market: 99
In 2006 we sold 920
homes & condos. Median Price: $235,000. Total Volume: $261,289,767. Average
Days on Market: 90
In 2005 we sold
1190 homes & condos. Median Price: $255,274. Total Volume: $303,763,761.
Average Days on Market: 72
In 2004 we sold
1241 homes & condos. Median Price: $155,000. Total Volume: $252,344,714.
Average Days on Market: 161
In 2003 we sold 987
homes & condos. Median Price: $130,000. Total Volume: $160,279,718. Average
Days on Market: 178
