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Kootenai County Sees Housing Supply Improves, But Prices Still Climb in August

 

Coeur d’Alene- - (September 17th, 2021) The Median sales price in Kootenai county escalated 38.2% from $340,000 in August of 2020 compared to $470,000 last month according to the Coeur d’Alene Multiple Listing Service. August brings a continued increase to inventory for the sixth consecutive month, narrowing the demand-supply gap. A total of 574 homes were on the market last month – an increase of 2.1% compared to 562 available in August of 2020.

“Buyers continue to outnumber listings, and until that changes we expect home values will continue to appreciate. It’s still a seller’s market, with most properties selling at or above the asking price when priced right,” noted Kristen Johnson, Coeur d’Alene Association of REALTORS® President.

“Most homebuyers have seen dozens of properties and can recognize one that’s overpriced. By working with a REALTOR® who will help list your home based on comparable properties, you can avoid making price adjustments or watch it sit on the market for an extended period,” she stated. “We are also hearing that there aren’t quite as many competitive offers on listings as we observed earlier this year.”

Good news for homebuyers as mortgage interest rates fell to their lowest rate since February. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage in July fell to 2.87 percent.

According to the National Association of REALTORS® Metro Housing Market Index registered nationally at 71.4. An index over 50 means housing market conditions are still broadly stronger than one year ago. The index is calculated based on seven housing market indicators: sales, listings, new contracts, sale price, list price, average sale to list price, median days on market.

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