According to the Coeur d’Alene Association of Realtors, there are 154 current active residential listings as of April 12. In a normal market, going back about five years, there would be about 1,000 listings.
The association reported that 680 homes had been sold through March, a 13.3% increase from one year ago. The median home price was $440,945, a jump of 36% from a year ago.
Bidding wars on homes, making an offer after a virtual tour rather than in person, offering more than the asking price and waiving inspections have become standard practice. Some homes are sold within a day of being listed. One local sold his Sanders Beach area home for the full asking price of $785,000 within three days of being listed – and the buyer didn’t even look at the home in person.
The median home list price in the Coeur d’Alene metropolitan area was $799,000 in March, according to Realtor.com data.
A few Coeur d’Alene homes currently listed for sale at realtor.com included a 980-square-foot mobile home for $275,000; a three-bedroom, 3,008-square-foot home for $850,000; and a three-bedroom, 2,428-square-foot condominium for $1.9 million.
Coeur Alene was followed as the top emerging housing market by Austin-Round Rock, Texas and Springfield, Ohio. Next came Billings, Mont., while Spokane/Spokane Valley was ranked fifth.
The top 20 markets have seen home prices increase by 21% on average in the last year, compared to an average of 14% across all markets, the report found.
Some key points from the new index on emerging housing markets from the WSJ/Realtor.com:
•Robust job markets: On average, the top emerging markets have lower levels of unemployment, with a rate of 5.8%, compared with 6.3% for all markets. Median wages in these top emerging markets are slightly above average at $1,034 vs. $1,016 (per week).
•Strong economies, especially for small businesses. The top 10 emerging markets have 42.6 Small Business Administration 7(a) loans for every million people, compared with 35.6 for the whole list of 300 metro areas.
•Predominantly medium-sized markets vs. large metropolitan areas. These markets are not the biggest or most populated metropolitan areas. Despite their smaller size, these areas are growing, with an estimated population growth of 0.9% vs. growth of 0.5% on average for the list as a whole.
•Grab the interest of out-of-towners. Interestingly, the top emerging markets are viewed the most on Realtor.com® by people who don’t live in the area. In fact, on average 61.1% of their home shopping traffic comes from viewers outside of their metro area.