February 2016 Market Report: Residential Volume is up from 2015. We had a total volume of 18 units sold in 2015 for a sales volume of $3,404,103 and a total of 20 units sold in 2016 with a sales volume of $4,227,522. That is an increase of total volume by $823,419.
Of those 2015 sales 9 single family homes 3 of which were new construction. 3 condos 1 being new construction and 2 selling as senior housing in Golden Spike Estates. 1 of those was also was new construction.
New construction is way up on single family homes for 2016. 14 single family homes in February of 2016 7 of those are new construction. 2 homes selling in Golden Spike Estates and no condos selling this year in the month of February.
2015 Did see a couple of oddities. A foreclosure that was in dis-repair that sold for $35,200 it was a 700 sq. ft. home that needed a total make over. To not skew our numbers it has been left out of the following analysis on price per square footage. It is accounted for in the total number of properties.
2016 sees a water front cabin that we will not be including also It was on Twin Lakes with a dock 333 sq. ft. selling for a price of $105,000. We also had a manufactured home that we are not going to add to our statistics that was 1323 sq. ft. in a Mobile home park that went for $31,500.
2015 Condos averaged a price of $106,133 with an average square footage of 1150 sq ft breaking down to $92.28 per square foot.
2015 New construction averaged a price of $217,903 with an average square footage of 1663 sq ft breaking down to an average of $131.03 per square foot.
2015 existing homes averaged a price of $175,262 with an average square footage of 1656 sq ft breaking down to an average of $105.83 per squaare foot.
2015 Golden Spike Estates 55 and over housing saw 2 houses sell for the average price of $195,158 with an average square footage of 1614 breaking down to $120.91 per sq. foot.
2015 Homes on acreage we sold 3 in the month of February a Huge one that was 5030 sq ft that went for $369,900 it was sitting on 4.5 acres. The second one was a 1600 sq ft home on 8.9 acres that went for $290k and the third one was a 2440 sq ft home that I sold personally it was a little dated went for $295,000 and sits on 3.57 acres. That last one did have a very large shop but fronted Hwy 53.
2016 Month of February saw no condo sales.
2016 New Construction saw an average price of $242,679 with an average square footage of 1982 sq ft. Breaking down to an average of $122.44 per square feet. There is a couple of large homes that sold this month that have changed our average a little if you kick out the 3 homes that are over 2000 sq ft it leaves the other 4 averaging $215,238 with an average square footage of 1530 sq ft and an average price per square foot of $140.67. Unfinished basements always mess up our numbers.
2016 Existing home sales for February saw 7 homes averaging $160,585.71 with an average square footage of 1735 breaking down to $92.55 per square foot. I do not believe that we are seeing a price reducition on existing homes per square foot. We had several in that mix this month that were in poor repair, short sales or other semi distressed properties.
2016 golden Spike Estates 55 and over community saw 2 sales one being a manufactured home that was 1242 sq ft selling for $81,250 and the other being a stick built home 1730 sq ft and selling for $186,000.
2016 Homes on Acreage. We only had 2 homes close this month for homes on land. First one being a 3974 new construction home built by Avondale Construction. Gorgeous home yes I sold it. That home went for $502,017 and sits on 4.80 acres. Did have a shop also. Other home was a 2075 sq ft home that sits on 5.5 acres that went for $299,900
Rathdrum Vacant Land Sales Market Report:
2015 city lots saw a lot of sales as we are finishing up Radiant lake lots and some of the other little spots that are left for new construction. We sold 6 city lots in the month of Feburary in 2015 One of them I am leaving out of the statistics on this as it was a 1.5 acre lot that a builder picked up for $190,000. The other 5 lots averaged a sales price of $53,100 with an average size of .42 acres.
2015 Rural land saw 2 sales with an average price of $112,500 and an average lot size of 4.9 acres.
2016 city lots as you can see we are starting to run out. We had 2 lots sell for an average of $42,500 and an average lot size of .35 acres.
2016 Rural property we had 2 sales. One is a 1.55 acre lot that went for $106,000 and the other is a 46.73 acre lot that went for $320,000. Guessing we are going to see that 46 acre lot broke up into a subdivision at some point.
Overall our market is very strong – right now and it is a sellers market. Multiple offers are still common. Days on market are running about 102 days for an average. Which as you figure that sounds high but the loan process is taking a good 60 days lately as our lenders are complying with more federal red tape. You back 60 days of loan time off that number and you are really only averaging about 40 days before the home is under contract.