Friday, April 19, 2013

Partridge's prediction

Here's the Coeur d' Alene REAL ESTATE MARKET snapshot of stats that reflect average home prices in Kootenai County since last year:

Homes for sale between $175k - $250k are moving

- Inventory across the board is at 3.1 months now compared with 5.2 months of inventory a year ago 
That means either there are fewer homes on the market, or they are being purchased quickly, which in turn results in a smaller supply.

- Homes are selling 30 percent faster than April 2012

- Even though inventory is moving, there are approximately 55 more homes on the market in this price point at this moment than a year ago.
Partridge's Prediction: Stability in the lending market will cause a continuation of increased activity unless inventory and price increases outpace current volume.

-John Partridge, Sales Associate, Keller Williams Coeur d’Alene

Friday, April 12, 2013

Fewer foreclosed homes means a stronger market

Foreclosure filings - including notices of default,  auctions and bank repos - during the first quarter fell 23 percent from a year earlier, the lowest level in six years.
Last month, banks repossessed just under 44,000 homes. In September 2010, repossessions topped 100,000 a month.
"We're getting back to normal and will be there by next year," said Daren Blomquist, vice president at RealtyTrac.
For the past couple of years, foreclosures have been on the decline as homeowners seek alternatives like short sales, in which they sell their home for less than what they owe and the bank agrees to forgive the difference.
The deals are preferred by the banks over foreclosures and have less of a negative impact on a consumer's credit score. But now even the need to turn to short sales is waning. 

-From CNNMoney