Janna Rankin Scharf, AB, CLHMS, GRI
Coeur d'Alene, Idaho Area Waterfront Homes For Sale - Hayden Lake 2009 Market Activity Report
2009 is history, so let's take a look at the big picture
of real estate activity on Hayden Lake waterfront properties.
Hayden Lake offers crystal clear waters, sandy beaches and picturesque timber shores. One of the most beautiful and popular lakes in north Idaho, it is located just a few minutes north of Coeur d'Alene. Its irregular shape gives it about 40 miles of shoreline. The main part of the lake is about seven miles long, and the width varies from one to two miles. Normal elevation is 2,239 ft above sea level. Depth is reported to reach 800 feet.
Several hundred homes sit around the lake, with a good supply in a wide range of styles and prices. Bing Cosby built his summer home on the shores of Hayden Lake in the 1950's. It's still owned by his estate and operates as a vacation rental today. The lake is surrounded on three sides by panoramic timbered mountains, rising to an elevation of 4,500 to 6,000 feet. The mountains extend many miles to the east as part of the Bitterroot Mountain Range. Much of this land is part of the Coeur d'Alene National Forest.
Over the course of 2009, 58 listings of waterfront homes on Hayden Lake were placed in our MLS.
ACTIVE LISTINGS
As of December 31, 2009, there were only 10 homes actively listed for sale on Hayden Lake. They ranged in price from a low of $479,000 to a high of $1,795,000. This low inventory number reflects the seasonal trend to remove lake homes from the market in the winter and relist them in the spring and summer.
PENDING
There was one Hayden Lake waterfront home home sale pending as we said farewell to 2009. It's price tag is $1,540,000. It has 4,292 sq. ft. and is selling for $360.90 per sq. ft. It had been on the market for 229 days.
SOLD
Eleven Hayden Lake waterfront homes closed in 2009. The purchase prices ranged in price from $287,500 to $2,500,000. Days on Market ranged from 36 to 307. But remember, often homes are relisted making the calendar reset to zero days and start the count again. Often the actual DOM are considerably longer. Price per sq. ft. of the homes that closed ranged from $145.50 to $378.56.
EXPIRED, CANCELED, WITHDRAWN
The market rejected 36 Hayden Lake waterfront homes that were on the market in 2009. These 36 homes were either expired without selling, or were withdrawn from the market or canceled. Their prices ranged from $189,900 to $2,495,000. It's a tough market in the upper tier in all of north Idaho as the market corrects from several years of price run-ups during the boom years.
ABSORPTION RATE
Let's look at the absorption rate based on 2009 numbers. 58 homes were listed during the year, and 11 sold. At that rate of sales, it would take over 5 years for the market to absorb the inventory. Of course, if I researched different price ranges, the absorption rate would vary.
WHAT DOES IT ALL MEAN?
What this all means to you as a buyer or seller of Hayden Lake waterfront homes is that it is definitely a BUYERS MARKET. Buyers will be able to get a deal of a lifetime when purchasing on Hayden Lake. Sellers will need to step it up and make sure their home is in superb condition. priced correctly and marketed skillfully.
Visit my website for links to every waterfront home for sale on Hayden Lake.
For more detailed information, or to schedule a tour by boat of Hayden Lake Idaho waterfront homes for sale, just give me a call. I would love to help you Live Your Dream!
Photography credit goes to my sister, Kerri Thoreson.
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