March 18, 2009
By Gary Lirette, host of North Idaho Business radio show on KSPT and KBFI, and REALTOR® for Tomlinson Sandpoint Sotheby's International Realty
The stock market was up all week. MSNBC reported on March 18, 2009 that "Stocks had their fifth advance in six days Tuesday after a surprisingly strong report on home construction and building permit applications. Since the rally began last week, the Dow is up 849 points, or 13 percent."
Housing starts were up 22 Percent according CNBC (http://www.cnbc.com/id/29734541).
Add to that on March 11, 2009 CNN reported applications for new mortgages are up 11%. (http://money.cnn.com/2009/03/11/real_estate/mortgage_applications.reut/index.htm)
Bonner County is the only county in the whole state of Idaho that is not a declining market for housing prices, according to Jack Dyck, VP of Mountain West Bank.
For the period of January 1, 2008 to March 18, 2008, Bonner County's sales of homes, condos, and townhomes was as follows:
| |
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LIST PRICE:
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SOLD PRICE:
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DOM:
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|
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HIGH
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LOW
|
AVERAGE
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MEDIAN
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TOTAL PRICE
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LISTING COUNT
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$1,650,000
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$50,000
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$310,772
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$238,000
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$26,726,417
|
86
|
|
$1,500,000
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$40,000
|
$295,133
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$227,250
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$25,381,502
|
|
579
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0
|
135
|
120
|
|
|
|
For the same time period this year:
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LIST PRICE:
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|
SOLD PRICE:
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|
DOM:
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|
|
HIGH
|
LOW
|
AVERAGE
|
MEDIAN
|
TOTAL PRICE
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LISTING COUNT
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|
$10,800,000
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$30,000
|
$387,937
|
$210,950
|
$34,138,482
|
88
|
|
$8,000,000
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$25,500
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$340,040
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$197,950
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$29,923,580
|
|
615
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0
|
155
|
122
|
|
|
|
(These figures are taken from the Selkirk Association of REALTORS® MLS and are deemed reliable, but not guaranteed.)
Here is what we can conclude from the data above. We sold roughly the same number of units, but the average price increased by $45,000, or 14%. The median sales price decreased. Our total market went up by four million, and our days on market went up just a bit.
Locally, home prices are going back up, unemployment is still lower than other areas, and is historically normal.
On Sunday Ben Bernanke took the bull by the horns, sounding very reassuring on 60 Minutes, and the Fed will be releasing their latest guidance today.
Another nice boost is the reappearance of cheap airline tickets. With gas prices being so much lower, airline flights have finally followed suit.
There has been so much bad news lately it was nice to note that CBS News has changed their motto to "CBS News is Very Good News."
How about the flack over AIG? Didn't the majority of this money go out during the Bush Administration? While the current administration owns responsibility for 30 billion more going to this behemoth, the lack of oversight started with the previous congress and president. President Obama's Geitner made the same mistake.
Obama recently unveiled his plans for helping small businesses, and stimulus money is already hitting North Idaho with the hiring of firefighters to help keep the danger levels down.
Add to that our unemployment rates for Idaho are among the lowest in the West, and Bonner County is the lowest in the region.
Good news? You Bet!
To learn more about our area, visit one of our 50 websites:
www.SandpointID.net
www.RealEstateSandpoint.net
www.WaterfrontHomesSandpoint.com
www.SkiSchweitzer.net
www.RealtySandpoint.com
;)
;)
;)
