Coeur d'Alene Real Estate Market Overview: August 2024 Insights

It’s been a while since our last real estate market update, and I’m excited to share some key insights and trends that are shaping our local market right now. Whether you’re actively looking to buy or sell, or just keeping an eye on how the market is performing, I’m here to bring you the latest and most relevant information.

Current Market Snapshot - See infographic above!

Let’s dig into some numbers that paint a picture of our current market. The Months Supply of Inventory (MSI) stands at 4.83. Think of MSI as a quick snapshot of the balance between supply and demand. A lower MSI indicates fewer homes are available relative to buyers, which generally favors sellers. On the other hand, a higher MSI suggests buyers have more options and more leverage in negotiations.

Year-Over-Year Changes:  Looking back over the past year, we’ve noticed a significant +21.66% increase in inventory. This means there are more homes available now than there were last year. For sellers, this might mean rethinking pricing strategies to remain competitive. For buyers, more inventory means more choices and less pressure to make a hurried decision.

How Quickly Are Homes Selling?  The Median Days on Market is 32 days, which tells us homes are selling pretty briskly. It’s a good indicator of a healthy market—homes aren’t sitting unsold for long periods, but there’s also enough time for buyers to make thoughtful decisions without feeling rushed.

Are Sellers Getting Their Asking Price?  Indeed, they are! With the List to Sold Price Ratio at an impressive 97%, it’s clear that homes are selling very close to their listed prices. This metric reassures both sellers and buyers that the market values are stable and predictable, which is great news for everyone involved.

What’s the Going Rate?  The Median Sold Price provides a benchmark for what homes are going for in our area. It’s an essential figure for sellers setting prices and for buyers making sure they’re investing wisely.

What This Means for You:  Navigating the real estate market can sometimes feel like reading a foreign language. Let’s break down what these trends really mean for you, whether you're looking to buy or sell in our beautiful Coeur d'Alene.

If You’re Selling:  With the Months Supply of Inventory (MSI) at 4.83, we're teetering on the edge of a seller's market, but not so deeply that buyers are discouraged. This is the perfect scenario for sellers because it means there’s enough competition to potentially drive up final sale prices without squeezing out too many potential buyers.

Given the market's competitive nature, having the right pricing and marketing strategy is more crucial than ever. Pricing your home correctly from the start can prevent it from languishing on the market, which can stigmatize the listing and lead to lower offers down the road. Effective marketing, showcasing your home's best features through professional photos and targeted online advertising, can draw in serious buyers quickly.

If You’re Buying:  The year-over-year increase of +21.66% in inventory is music to the ears of buyers. More homes on the market mean more choices, yes, but it also means the potential for better bargaining power. With more homes to choose from, buyers can afford to be picky, taking the time to find the perfect fit without feeling the pressure to rush into a bid due to a lack of options.

However, don't let the increase in inventory make you complacent. The relatively quick median days on the market—32 days—indicates that even with more options, desirable homes in prime locations are still moving fast. This means that while you might have more leverage than buyers did last year, waiting too long to make an offer could still result in missing out on your ideal home.

Navigating Your Next Steps:  Whether you’re considering selling your home or searching for a new one, understanding these market dynamics can help you make informed decisions that align with your goals. If you’re selling, consider consulting with a real estate professional to nail down the right listing price and marketing approach. If you’re buying, keep an eye on new listings and be prepared to act swiftly when you find a match that meets your needs and budget.

Let's Connect:  Navigating real estate can seem daunting, but you don’t have to do it alone. I’m here to provide you with personalized advice and insights tailored to your unique situation. Whether you’re looking to buy, sell, or just chat about the potential of your property, I’m just a phone call or email away.

Ready to make a move or just curious about the market? Reach out today and let’s explore your options together! Remember, in Coeur d'Alene real estate, being informed is the key to making smart decisions.