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Click the graph above to
see how all states are doing with foreclosures. Idaho is doing well, and
only ten other states have lower foreclosure rates.
Resources
Housing Market Prices
how our market compares to the rest of the nation
Realty Times Market Conditions for all Idaho
regions
Interesting Article
in
KnowledgePlex
The Affordable Housing and Community Development
Resource for Professionals
10 BEST PLACES To Build A Getaway Home
in
Log Home Living
Focus: Idaho Panhandle; 'Paradise' Seekers Drive Up
House Prices -An Article Published in the NY Times in 1992
The point to this article is while things may change, they often seem to be
the same as they were ten or even twenty years ago.
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Sandpoint & North Idaho
Real Estate |
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The State of the Real Estate Market in Sandpoint
Compared to
the rest of the nation, Realty in Sandpoint and North Idaho has
been more insulated than many areas. Certainly 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...
To learn about
the current North Idaho Real Estate Market
call Gary Lirette - (208) 610-1384
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Banks with branches in Sandpoint (2007
data):
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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
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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
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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
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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
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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
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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.
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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.
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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
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