For the most part, home sellers in Coeur d'Alene, Idaho have come to grips with the reality of the current market conditions and are pricing their homes accordingly.
Many home buyers in the Coeur d'Alene area, on the other hand, still seem convinced that all sellers should be grateful for any lowball offer that comes their way. I still see buyers who are convinced they can get their dream home at much less than whatever a seller is asking. They have been surprised to find competitive conditions in some price ranges, and many are losing out in competitive multiple-bid situations before finally accepting reality and getting a home under contract.
A look at the actual List Price to Sales Price ratios for single family transactions in the Coeur d'Alene Multiple Listing Service proves that sellers are NOT needing to come down much from their asking price to get their home sold! If a home is priced correctly, sellers are getting them sold for close to their asking price. Click here to see how we determine the appropriate listing price.
(Overpriced homes will still languish on the market. In the past 6 months there were 773 homes in the Coeur d'Alene MLS that expired without selling. You can be sure that these homes were overpriced. No buyer is going to pay more than current market value for ANY home. But our actual market statistics show that buyers will pay close to asking price for a home in good showing condition and priced appropriately.)
In fact, in every category I have researched below,
the ratios have gone UP from the previous list to sales price ratio report I did!
In Coeur d'Alene, the average SOLD price for homes up to $200,000 in the past 6 months was 97.66% of the listed price. If we look at sold prices below $100,000, the 36 closed sales in the past six months closed at an average of 98.9% of listed price!
Overall, the list to sales price ratio in Coeur d'Alene for the past 6 months was 95.1%.
The HIGHEST Cd'A list to sales price ratio is in the $350,000 - $375,000 price range, 100.8%.
The LOWEST Coeur d'Alene list to sales price ratio is in the $1,500,000 - $2,000,000 range, 78.2%.
In Post Falls, the average SOLD price for homes up to $200,000 came in a hair better at 98.74%. The 56 homes that sold in the past six months between $100,000 and $125,000 sold for a whopping 101.3% of their asking price! It's a competitive buyers market everywhere, for both investors and entry level home owners.
Overall, the list to sales price ratio in Post Falls for the past 6 months was 97.9%.
The HIGHEST Post Falls list to sales price ratio is in the $450,000 - $475,000 price range, 102.2%.
The LOWEST Post Falls list to sales price ratio is in the $475,000 - $500,000 price range , 91%.
In Hayden/Hayden Lake, the average SOLD price for homes up to $200,000 in the past 6 months was 97.62% of the listing price at the time the home sold. The 32 homes that sold between $175,000 and $200,000 sold for 99.4% of their asking price.
Overall, the list to sales price ratio in Hayden for the past 6 months was 96.4%.
The HIGHEST Hayden list to sales price ratio is in the $450,000 - $475,000 price range, 99.7%.
The LOWEST Hayden list to sales price ratio is in the $900,000 - $999,000 price range, 83.4%.
In general, in the greater Coeur d'Alene area, the higher priced the home, the more the List to Sales Price ratio drops. In particular, the luxury home market is experiencing lower ratios. The 9 Coeur d'Alene homes that sold for over $1 million in the past six months sold on average at 84.3% of the price the home was listed for at the time it went under contract.
The current List to Sales Price Ratio in a particular price range and community is one factor that a savvy Buyer will take into consideration when preparing a purchase offer. Don't miss out on a great home by insulting the seller with a ridiculously low offer. And remember that we listing agents also include these ratios when discussing the merits of an offer with our home sellers.
Unless you are purchasing a distressed luxury home, gone are the days when
a buyer can expect to come in with a drastic lowball offer and expect to be taken seriously!
Please give me a call if you would like to find out the list to sales price ratios, or any other information, on home sales in your neighborhood.
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