November 2017 Spirit Lake Idaho Market Report

November 2017 Spirit Lake Idaho Market Report

Great News for Spirit Lake! 16 homes closed for November 2017 compared to only 12 sold homes for November 2016!  Volume is up!  Prices are up predominantly and Spirit Lake had a million dollar horse facility close this month!  Read more about the Spirit Lake Market Here!

 

New Construction

5 New Construction Homes closed in Spirit Lake this Mon!

In November 2017, 3 new construction on city lot homes were closed! It averaged 0.16 acres and sold for $150.87 per sq feet. These homes stayed on the market for an average of  136 days. On the other hand, 4 new construction on city lots homes were sold for November 2016. They sold for only $128.24 per sq feet and an average day on market of 170 days.

New Construction on Acreage

1 new home on a 1  Acre Lot and a new home on 20.58 Acre Lot Sold For November 2017!

The home on the 1-acre lot sold for  $329,500 in Spirit Lake with an average of $162.96 per sq ft. And the new construction home on the 20.58-acre lot sold for $397,165 and averaged $263.37 per sq feet!

 

Existing Homes 

For November 2017, the volume of existing homes was up! There are  6 of them they averaged 0.27 acres and sold for $140.23 per sq ft. They also sold in less than 2 months — about 58 days on average.

Home Values for Spirit Lake Idaho November 2017

Horse Property Sold

An exquisite horse facility with an indoor arena and a very nicely upgraded home bordered inland paper land closed in November 2017! It sold for $1.1M! This was a quality property thru and thru!  Big shop!  Fenced!  And on 20 Acres.   This is by far the biggest sale for November 2017! This property was sold in 206 days and closed for $307.86 per sq ft!

 

Homes on 5 Acre Lots

There were no homes on 5 acre lots sold in November 2016 to compare to the  5 that closed for 2017!  These properties averaged 4.46 acres and sold for $136.99 per acre. They sold an average of about 3 months — 98 days to be exact!

Homes on 10 Acre Lots

For November 2016, 2 homes on 10 acre lots were sold. These averaged 11.4 acres, stayed on the market for 154 days and sold for $176.97 per sq ft. There’s a big difference for the homes on 10 acre lots sold for November 2017. We were across the board this month on condition.  We had one go for an average of  $104.35.  For a well smoked in home in fairly poor condition, it sold for only $77.38 per sq ft. The other home on the 10-acre lot sold for $158.89 per sq ft.  Here is a great example of what the condition of the home can do to you for the price.  That deferred maintenance will come back and bite you if you are not careful.  To suggest that prices are down is probably not a fair assessment.

This report is meant to give you an idea of the number of homes sold, average price and average days on market. If you want a detailed report about a certain area or property, please don’t hesitate to contact me!

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