Data released by the CDA MLS indicates that the real estate market in this region is currently BALANCED.
The Coeur d'Alene MLS recently released the July 2023 Market Report. Using a metric known as "Months of Inventory," let's take a look at the current market. As a reminder, Months of Inventory is derived by dividing the total current active listings (regardless of when they were listed) by the total sales in a month.
During the month of July, there were a total 1,997 active listings and 387 properties were sold. 1,997 divided by 387 = 5.16 Months of Inventory. Months of Inventory less than 5 indicates a "Seller's Market;" 5-7 Months of Inventory indicates a "Balanced Market;" 7+ Months of Inventory indicates a "Buyer's Market." A Balanced Market is sometimes also referred to as a "Normal Market." It might not feel normal after the craziness of Spring/Summer 2022, but this is a market that allows buyers and sellers to negotiate more evenly.
It is important to note that the market varies by price range. July data indicates that homes in the $300K-$700K range are still in a Seller's Market; $700K-$2M is a Balanced Market; and $2M+ is a Buyer's Market. Take a look at the table below to see what market you'd be in if your were to buy or sell today.
If you are interested in buying or selling a home in North Idaho, let me know, and I would be happy to help!
Counties I Provide Services In: Kootenai, Shoshone, Benewah, Bonner, Boundary
Cities I Provide Services In: Coeur d'Alene, Hayden, Dalton Gardens, Post Falls, Hauser, Rathdrum, Athol, Garwood, Kellogg, Silver Valley, Careywood, Bayview, Cocolalla, Sagle, Sandpoint, Naples, Bonners Ferry, Moyie Springs, Priest Lake, Priest River, Blanchard, Spirit Lake, St. Maries, Plummer, Harrison, Cataldo, Kingston, Pinehurst, Osburn, Prichard, Wallace, Mullan.