Market Update – September 2021

Closed sales of single family homes on less than one acre, including condominiums for September totaled 803, a 3.2% increase over September last year. The average closed sales price was $413,863, compared to September of 2020 when the average sales price was $332,867, the average price is up 24.3%. The median closed sales price for September was $380,000 up 21.2% from September last year when the median price was $313,500.

Year to date closed sales continue to run ahead of last year, closed sales through September total 6,083 compared to 5,587 over the same period last year, an increase of 3.9%. The year to date average closed sales price is $398,753, up 26.7% over last year’s year to date closed sales price of $314,735. Our year to date median closed sales price through September is $367,138 up 24.5% over last year’s median closed sales price through September of $295,000.

Inventory continues to increase. As of this report the current inventory totaled 617 properties up 29.1% from one year ago when the inventory was 479 properties. New construction closed sales total 763 down only 4 closed sales over the same period last year.

In the Coeur d’Alene MLS Market, from the Year over Year Comparison Report all active residential listings during the
month of September 2021 were up 1.07% compared to 2020, with 1,785 active listings vs 1,766 at this time last year.
The Sold Market Analysis Report shows that September ended with 597 total residential sold listings compared to 826 in 2020, down 27.7%.

For the month of August 2021:
• Absorption Rate is currently 2.12 vs 2.58 in 2020, down 17.83%. The YTD rate is 1.52 compared to 2.85 in 2020, down 46.67%.
• Median Sale Price of sold homes was $499,500 vs $385,000 in 2020, an increase of 29.74%.
• New Construction Residential closings for the month = 72 units vs 106 units in 2020, an decrease of 32.1%.
• Typical Residential Sales (Existing/Non-distressed) for the month was 420, an average sales price of $599,364 and an
average of 72 days on market.

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