Sandpoint City Market Report – December 2018

As with previous market reports I try to give some parameters to give guides lines and consistency.  83864 zip code includes an incredibly large diversification in homes, styles and land.  Sandpoint City Market Report includes in town Single Family homes with minimum of 1 bedroom and 1 bath.  With a maximum price of $750,000.00.  These parameters searched in Selkirk MLS. Sandpoint is very much staying in line with the stated National trend of leveling off or even declining in some areas.  Sales remain strong in all of Bonner and Boundary Counties although showing a steady decline in activity since August 2018.  Sandpoint City’s figures bounce around a bit yet confirm that trend at least through December. December home sales in Sandpoint City totaled 12.  A small decline from October’s 14 and November’13.  Days on Market jumped around from 105 in October, 62 in November, and December settled in the middle at 84. Actual Median Home sold prices for December varied a great deal from listing price.  Median Sold price was at $259,893 compared to the median listing price of $341,000.  This huge difference seems to be common through out all the 7 different areas I do reports for.

While prices declined steadily from October, December 2018 showed an overall increase in median price of 11% from December of 2017.  Inventory available also decreased from 44 in October, 31 November, to 22 in December 2018.

What does this mean to Buyers and Sellers. I believe sales will remain strong.  The market, while seemingly leveling off a bit, still remains very much a sellers market.  As long as our inventories remain low, the prices will sustain at current levels.  Sellers need be cognizant of rising interest rates and not price too high.  Buyers need be prepared to act “now” when they find the home they want. One stat I find interesting and will watch as we move out of winter months is the Selkirk MLS ‘Pending’ category. With no restrictions to vacant land, residential, or commercial.  Any sale pending.  In late August Pending’s were showing in the low 400’s.  September at 392, November 292 and December at 233.  A very good needle for overall activity. No single market report can give anyone an accurate price estimate on their home.  They are meant as an insight to market conditions and trends.  If you would like a Broker Price Opinion on your specific home please do contact me.  We can talk and put something together more in line with your home. Figures from Selkirk MLS do not represent all sales in Boundary and Bonner Counties.  There is also Coeur D’ Alene MLS as well as “For Sale by Owner”. Experience the Difference Living in North Idaho will make.  Contact me as your local North Idaho Real Estate resource.  Mark Don McInnes