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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.

Sandpoint & North Idaho Real Estate

 

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

 

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.

 

 

We Specialize in

Waterfront & View Properties

 

Featured Properties


New! 2541 Old Priest River Rd $325,500
Spectacular Views of the Pend Oreille River

 


New! 156 Latigo Lane $449,000
Custom with Schweitzer & Roman Nose views

 


New! 119 Comeback Bay $424,500
Almost an acre with access to Lake Pend Oreille
, and over 3,000 sq ft

 


New! 1241 Ruby Creek $249,000
Lots of frontage on the water, with end of road privacy

 

 

 

 

 

 

 

 

 

 

 

 


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


For Real Estate, call
Gary Lirette 610-1384
 

garyplirette@nctv.com

 

Tomlinson Sandpoint Sotheby's International Realty

200 Main Street
Sandpoint, Idaho
800-282-6880
208-610-1384