December Rathdrum 2017 Market Report
Rathdrum ended the year pretty strong with 39 total home sales up from 23 homes selling December 2016! Currently, there are 119 total homes for sale in Rathdrum, Idaho. 33 of these homes are pending which leaves 86 available homes. At our current volume that leaves us approximately 2 months worth of inventory available. Going to remain a Sellers Market for a bit longer! Read how the home sales shook out this month:
New Construction Volume Holds Steady
10 New Construction Homes selling in both December 2017 and 2016. 2017 properties averaged 0.2 acres for lot size and sold for $142.56 per sq ft. The new homes were on the market for an average of 165 days. All are located in Radiant Lake, Radiant Lk Condos, Corbin Crossing South, Prairie Sky and Timber Landing Estates.
Existing Homes On City Lots
There were 14 Homes on Existing Lots selling in Rathdrum in the Month of December. They averaged 0.18 acres and sold for an average price of $139.1 per sq ft. Average days on market were 78 days. Rathdrum 2016 had only 5 existing homes on city lots sell. They averaged 0.18 acres and sold for $106 per sq ft. The homes took 135 days to sell on average. Volume is up by 9 and prices are up by $36 per square foot.
Homes on 5 Acre Lots
Seven Homes on 5 Acre Lots selling this December 2017. These homes sold for an average price of $174.52 per sq ft and took about 115 days to sell on average. Most of them are located in Boekel Estates, Elkhorn Ranch, Lakeland Meadows and Hoyt Ranch. In December 2016, 7 properties closed with an average price of $166 per sq ft and average days on market of 117 days. Prices are up about $8 per square foot in 2017 compared to December 2016. That may not be accruing as fast as some of the homes in town. But you also have to figure that most of these homes are 2000+ sq ft so you are still talking a home value gain of $16,000 or more over last year. Still approximately bare minimum a 6% increase in value.
Homes on 10 Acre Lots
Homes on 10 acre lots saw 3 homes sold December 2017. These acreage properties sold for $165.76 per sq ft and took 275 days to sell on average. No December 2016 sales to compare to.
1 Golden Spike Property
This is a 2006 property that was sold for $108.33 per sq ft and was on the market for only 74 days. The previous year, Rathdrum sold 3 Golden Spike properties for $111 per sq ft.
4 Twin Lakes Village Condos
These properties were on the market for an average of 87 days on average and sold for an average price of $90 per sq ft.
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