Rathdrum Idaho July 2017 Market Update

Wow!  July already!  Rathdrum July market Update!

Rathdrum had 48 homes sell in the month of July 2017!  We currently have 177 active listings for single family homes in Rathdrum of which 43 of those are pending.  As we sit we have about 3 months of inventory.  We need over the 6 months of inventory mark to start having a balanced market that is good for both buyers and sellers.  Right now sellers its a great time to sell your home!

So here is the scoop in how that broke down this month!

New Construction  Prices are up! Volume down a little

7 Homes in .20 size subdivisions for 2017.  Those were split pretty equal with Corbin Crossing South, Prairie Sky  each coming in with 2 of them.  Boekel Ranch had 1 built,, timber landings Estates had 1 built and Skyline Meadows.  Those came in at $140 per square foot for an average price.  With an average days on market of 125 days.  

Compared to 12 new construction homes in 2016 with an average sales price of $120 per square foot.  

July 2017 sales results Rathdrum Idaho

Existing Home Sales  Prices are up!!  Volume the same!

July 2017 had 16 single family homes selling.  They averaged  $132 per square foot with an average days on market of  57 days.  Those went fast!  Especially when you take into consideration its still taking 30-45 days to get a loan.

July 2016 also had 16 single family homes selling.  They averaged $114 per square foot.  Average days on market was 91 days and they were on lots that averaged .24.

 

Homes on Land prices up pretty substantially across the board.  Units sold is holding fairly steady.

One acre lots 2017:  We had 2 of them 1 being a new construction at $163 per square foot that was in Lost Creek and the other being a mid ’70’s home that came in at $118 per square foot. in July 2017.

July 2016 only had 1 home selling on this size lot that was new construction and it went  for $148 per square foot  in Lost Creek Subdivision.  Also had 2 existing homes on 1 acre lots and they went for $94 per square foot.

2 Acre lots:  4 homes selling in 2017  in this category.  They average 2.29 acres for lot size.  There average price was $162 per square foot with one of those being   a new construction in Wild Ridge Estates selling for $189 per square foot.

2016 Had 1 2 acre lot it was in Hoyt ranch and sold for $144 per square foot.

 

5 Acre Lots:  4 Homes selling in 2017:  These homes averaged $173 per square foot.  They included lots in Bar Circle S Estates and Bar Circle S Ranch.

2016 6 homes on 5 acre lots.  Ranging from Elkhorn Ranch, , Hoyt Ranch and Hidden Valley.  These homes average lot size was 4.8 acres and the average sales price was $150 per square foot.  

Impact of monthly housing inventory on prices

Additional Acreage:

2017 had 2 in this catagory.  1 is a 20 acre lot that sold for $154 per square foot and the other was a 41 acre lot that went for $236 per square foot.

Nothing in 2016 to compare to.

Golden Spike Estates 55 + Community  prices edging up slightly!

2017 4 Homes selling in 2017 averaging $126 per square foot.

2016 Golden Spike had  3 homes selling averaging $123 per square foot. 

 

Twin Lakes Village  Prices are up!

2017 July- 1 Fairview Court Condo going for $94.85 per square foot

2016 July – 1 condo in twin lakes village going for $88 per square foot.

 

Condos

Radiant Lake Condos had 1 sell in 2017 this is a new construction and it went for $176 per square foot.

 

Waterfront:  Twin Lakes is holding steady.  Radiant Lake is growing for 2017!

I am splitting these into 2 sections for you:

Twin Lakes:  2017 had 2 homes selling for an average price of $186 per square foot that included a high of $215 and a low of $176.  Condition and amenities!!  

2016 Twin Lakes averaged $246 per square foot.  With 3 homes selling.  

Radiant lake:  3 homes in 2017 These are “lake front” homes and they average $161 per square foot.   Nothing for 2016  closed this month.

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