North Idaho housing is as varied as the terrain it sits within. Sandpoint area homes, with 83864 zip code, alone range from in town, river front, lake front, large acreage, ski resort, and even farming. This Bonner County Market Report 2017 is meant to give a general trend. Specifics vary greatly within the county.
Total transactions for 2015 number 754. 2016 number 806, with 2017 numbering 838. With a 10% increase in transactions overall and a modest increase from 2016 to 2017, of 4%, the market is showing different than what many perceive.
The Bonner County Single Family Home SOLD price median for 2015 was $230,000.00. In 2016 the SOLD price median was $249,000.00, with 2017 median at $273,250.00. An overall increase of approximately 16%. These figures stand in line with the national chart shown below indicating, surprisingly, Idaho ranked #5 with 9.2% overall housing price increase 2017. Interesting is the fact that sold price to listing price, for all 3 years, has remained steady at roughly 96%.
Housing Price growth US 2017
Both the average and median Days on Market were exactly the same for 2015 and 2016. 142 and 99 respectively. In 2017 ‘Days on Market’ showed a decrease in both average and median by approximately 10%.
What is the take away for buyers and sellers? The market remains strong and continues to show itself as a sellers market. Low interest rates are a big plus for buyers and sellers alike. More buying power allows for continued growth in selling prices, with more buyers able to qualify. Any raise in rates will see an already locally stretched budget pressed to the limit though.
The increased housing pricing continues as a result of confidence in a growing economy. More buyers. And while the transactions have increased slightly they remain steady year to year. What is being thought of as a tremendous jump with number of transactions, is actually the lack of inventory at any one time. 5 people looking at 2 similar homes has a completely different feel than that of 5 people looking at 10 similar homes.
In my opinion now is an excellent time for both sellers and buyers in the Real Estate market. Any professional Real Estate agent should be able assist with the nuances of a specific area.
I believe it is worthy of note also. 4th quarter showed signs that 2018 will hold with the same pattern. Approximately a 4% increase in both listing and sold prices of 4th quarter 2017 compared to overall 2017.