January 2017 Rathdrum Market Report

Rathdrum January 2017 Market Report.  We certainly are seeing a change in our market.  You will see as you dive into this.  The amount of homes on acreage from January to January is substantial.  Very similar to looking at Post Falls and Coeur d Alene we are seeing quite a few of the higher priced homes selling in what should be a slow month.   Want to know what your home is worth?  Click Here for a no obligation Market Report.

Rathdrum New Construction total units over last year is actually down a little.

2016 saw 6 New Construction homes selling.

Splitting them into 2 groups the ones that sold for less than $150 per square foot and the ones that sold over.

Of those 6 we had 4 home under the $150k per sq ft mark averaging $122 per square foot.

2 Homes Were over with an average of $156 per square foot.

2017 saw 4 New homes Selling in Rathdrum in January

Also splitting them at the $150 per square foot mark.

We had 1 of those homes sell for less than $150 per square foot and it went for $125 per square foot.

The other 3 homes averaged out at $158 per square foot.  All of these homes that sold this month were in Radiant Lake just fyi so you could expect this number to be more of a Radiant Lake number I think rather than a take on the whole area.

Rathdrum 2017 Market January

Rathdrum Sales Volume UP!

Existing Homes sales

2016 Saw 15 Existing Homes sell In Rathdrum

Several of them we are not going to put in our averages.  

  1.   1534 sq. ft.  renovated Twin Lakes Property that had 50 ft of lake frontage that sold for $473,000
  2.  Shop property on Bentgrass that was a 2412 sq ft home with a 24×30 shop  4 bed 3 bath onalmost a half of an acre.  $320,000
  3. 2.40 acre parcel in Hoyt Ranch that was a 2,069 sq ft home  3 bedroom 2 bath and a 40×30 insulate shop that also had guest quarters.  That home sold for $407,000.
  4. A double wide on Sunrise Ct.  A little over a half acre with a 3 bed 2 bath manufactured home.  3/2 1320 sq ft selling for $145,000.
  5. Golden Spike Estates 55 + community all homes on rented lots in there.  A 3/2 1288 sq ft selling for $150,000.
  6. Condo in Twin Lakes Village ( One of the ones  with a $500 per month HOA)  864 sq. ft 2 bed 1 bath for $59,000.  That one comes to $68 per square foot.  

So that gets us down to what 9 properties to compare to?  They ranged from $81 to $150 per square foot.  Condition!!  Condition!  Can’t say that enough.  

4 of those were under $100 per square foot.  They averaged $93 per square foot. 

The other 5  are going to range from $118 per square foot to $150 with the average being $132 per square foot.  

2017 Existing Homes Sales Volume Up!  21 Properties sold in January of 2017!

So to break that down on what sold and get you some values!   I am first going to break out all the ones that are non conforming to our average.

  1.  One Manufactured home on a rented lot selling for $35,000 built 1996 3/2 1120 sq ft.
  2.  Manufactured home on 5 acres 3/2 1320 sq ft with a 24×30 shop selling for $195,000.  Home was built in 1980.  And another one on 5 acres built in 1999 3/2 1296 sq ft. This one selling for $165,000.
  3. Foreclosure Manufactured home over on Caroline that went for $90,000.  Had a good size lot .75 of an acre.  Home was a 3/2 with 1485 sq ft.  I was in this home a couple of times had water damage/ mold etc.  It needed work.  Also had a garage shop.
  4.  A couple of condos in Twin Lakes village averaging $94 per square ft.  And a condo in Radiant Lake (The Cove)  averaging $100 per square foot.
  5. Lake front Cabin with 50 ft of water frontage 2 bedroom with an outhouse for bathroom  Selling for $160,000
How much is my home worth

I don’t know if I would get enough money for my home

Homes on Acreage:  Yes we have homes on acreage that have sold in January this year!

January 2017 saw us close 5 homes on Acreage.

Prices ranged from $379,600 all the way to $659,250

  1.  Ramsey Rd 3016 sq ft 4/2.5 home built in 2010,  on 5 acres with a 36×48 heated insulated shop  $458,000
  2. Ranch View Dr  in Elkhorn Estates  4.77 acres  3096 square feet 3/2   selling for $564,900  This home had a lot of upgrades and detail.
  3. Wrangler Rd a 4/2 3076 sq ft on 5 acres with a 30×50 shop and a 3 stall barn.  This one went for $440,000
  4.  Hidden Valley area 5 acres on Church Rd 5 Acres 3/2 1772 sq ft with a 40×60 shop and a 20×40 barn.  $379,600  Home was built in 1992.
  5. Bar Circle S Ranch 5 Acres 5 bedroom 4.5 bath 6889 square ft.  with a 42×34 shop  selling for $659,250.  Tons of upgrades.  4 + car garage.

The market tells us that you are always better off owning a home

Existing Home Sales in Town on city lots  for January 2017

8 Subdivision homes that sold in January averaging $106 per square foot.  Condition I think has really affected the price of these this month.  So don’t get to excited thinking prices are coming down because they are not.   You have to remember the ones that needed work last year averaged $96 per sq. ft.  So the price is up a little  for the fixers.  Want to know what your home is worth?  Contact me I am happy to run you a no obligation  market analysis.  Want to know what a certain neighborhood is going for?  Let me know which one I am happy to run it for you.  Contact me!






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