Priest Lake, Coolin, Nordman (Bonner County) Idaho
Priest Lakeis the undiscovered and pretty much untouched jewel of the North Idaho Panhandle. From Outlet Bay on the southern end of the lake to Tule Bay on the northern end and further to Upper Priest Lake, there is very little development found around the shoreline of the lake. Priest Lake with it's deep blue water, surrounded by walls of heavily treed national and state forest land, is home to some of the most desirable hiking trails, snowmobile and cross country skiing in the country.
The coomunities that surround the lake gain their primary access from Highway 57 running north out of the City of Priest River. The community is serviced by the Bonner County Sheriff's Department, Bonner County EMS, Priest Lake Search and Rescue, and several volunteer fire departments. Population in the communities swells in the summer months and ebbs into the colder winter months.
This is relatively small submarket within Bonner County and there were only a reported 10 home sales during 2008. The average marketing period was 142 days. Total residential volume was just over $5.7 million and the average discount off the original list price was 14%. Considerably longer marketing period, larger discount from original list and high median sales price are all due to the inclusion of waterfront homes along Lake Pend Oreille. For reference the range of sale prices were from $167,000 to more than $1 m.
Land for residential development is extremely limited with a few small concentrations along the southwestern side of the lake (Priest Lake) and a few scattered developments on the east side including Huckleberry Bay. Huckleberry Bay is a secluded enclave of multi-million dollar waterfront estates complete with private beach and common facilities. The vast majority of the land on the east side of the lake is within the boundaries of the Priest Lake State Forest. The west side of the lake is dominated by national forest.
There were 9 land sales in the community during 2008, total volume of just under $900,000, average days on market at 155 with an average discount off the list price at 11%. I expect the list to sale discount will increase in 2009 both due to economic conditions and a change in the method of reporting the figure made by the local MLS.
In general, we expect 2009 will report fairly comparable numbers. Land inventory will continue to be absorbed, homes sales will continue as buyers search for bargains and sellers get more realistic, and overall we will see a return to a more typical sales volume.
Statistical data supplied by the Selkirk Association of Realtors, Multiple Listing Service.
For more information, contact the OnPoint Team at Century 21.
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