Cocolalla (Southern Bonner County), Idaho
Market Report - Year End 2008
The Communities of Cocolalla and Careywood comprise the majority of the southern portion of Bonner County. Primary access into and out of the area is via Highway 95 running north/south through the northern portion of the State. Picture-perfect Cocolalla Lake is an 800 acre public lake with more than 50 streams of various sizes flowing into the lake. The shoreline is dotted along the north, south and western sides by smaller rural lots developed with single family residences. The eastern shore line is lined by a rail line leading south with international trade coming from Canada to the north. Highway 95 also lines this side of the lake. The lake is well known for fishing, the Department of Fish and Game has information on their website.
The community is serviced by the Bonner County Sheriff's Department, Bonner County EMS, and Sagle Fire Department. Much of the land is designated into 20 or even 40 acre minimum lot sizes by Bonner County, thus reducing the population density. Much of the land continues to be dedicated to farming and timber land.
Homes Sales- This is relatively small submarket within Bonner County and there were only a reported 9 home sales during 2008. The average marketing period was 201 days. Total residential volume was just over $2.4 million and the average discount off the original list price was 11%. Considerably longer marketing period, larger discount from original list and high median sales price are all due to the inclusion of waterfront homes along the lake shoreline. For reference the range of sale prices were from $80,000 to more than $695,000.
Land Sales- There were 6 land sales in the community during 2008, total volume of just under $800,000, average days on market at 66 with an average discount off the list price at 8%. 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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