March 2022 Kootenai County
Coeur d’Alene- - (April 21, 2022) The Median sales price in Kootenai county rose in March to $535,000 a continued increase of 2.8% compared to last month according to the Coeur d’Alene Regional REALTORS®. The number of homes sold slipped by 12.2% compared to one year ago however compared to last month there was a 41.8% increase of homes sold compared to February. In March, the number of days between when a home was listed and closed in the MLS was 72 days.
"The housing market is starting to feel the impact of sharply rising mortgage rates and higher inflation taking a hit on purchasing power," said Lawrence Yun, NAR's chief economist. "Still, homes are selling rapidly, and home price gains remain in the double-digits."
With mortgage rates expected to rise further, Yun predicts transactions to contract by 10% this year, for home prices to readjust, and for gains to grow around 5%.
According to Realtor.com®’s March housing data release reveals that the one-two-punch of rising interest rates and all-time high listing prices has moderated demand for homes. A decline in the churn of listings, consistent with recent slowdowns as reported for new and existing home sales, has led to slight inventory improvements despite a lack of growth nationally in newly listed homes.
A fast, competitive market like ours presents challenges and opportunities to buyers and sellers alike. If you’re ready to enter the market as a buyer or seller, a REALTOR® will be your most valuable resource in helping you make decisions quickly, navigate possible multiple offer situations, and achieve your real estate goals.