Hope / East Hope (Bonner County) Idaho
It pretty easy to figure out why people choose the shoreline communities of Hope and East Hope for a full time home or for a place to retreat. Beautiful blue sky, open spaces, some of the most incredible views of Lake Pend Oreille, great places to east, deep water access for year-round (albeit cold in the winter) water access, and miles of untouched national and state forest!
The twin cities of Hope and East Hope lie on the east side Lake Pend Oreille with primary access from Highway 200. The community is serviced by the Bonner County Sheriff's Department, Bonner County EMS, and several volunteer fire departments. Hope and East Hope continue to be a rural community with many residents working to the west in Sandpoint.
This is relatively small submarket within Bonner County and there were only a reported 15 home sales during 2008. The average marketing period was 143 days. Total residential volume was just over $9.5 million and the average discount off the original list price was 12%. 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 $143,000 to more than $2.3 m.
Inside of the city limits there are a variety of parcel size requirements and many smaller "city lot" sized parcels can be found. Outside the city limits the typical parcel size is a minimum of 5 acres with many areas designated as 10 or even 20 acre minimums.
There were 6 land sales in the community during 2008, total volume of just over $1.3 million, average days on market at 165 with an average discount off the list price at 19%. 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.