Realtor.com ranks Coeur d’Alene, Spokane in the top 10 hottest real estate markets in the country

After real estate agent Chad Oakland brought a house to the market on Friday for clients moving from Coeur d’Alene to Colorado, eight screenings were scheduled for the next day by 10 a.m.

“I’ve never seen a market like this in 30 years of sales,” said Oakland, who is also a co-owner of Northwest Realty Group, based in Coeur d’Alene.

The secret has been revealed for years about the Spokane area’s quality of life and affordability compared to larger subway areas and proximity to outdoor activities.

Now Coeur d’Alene is also gaining national attention.

Realtor.com real estate website recently named Coeur d’Alene the country’s eighth hottest property market in February. This is a significant increase from the 62nd hottest property market in February 2020.

Spokane was ranked the 10th hottest real estate market last month. Both cities were rated for how fast homes are selling and how many page views are received on the Realtor.com website.

Vallejo, California was ranked top real estate market in February.

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“Smaller remote markets continued to climb the rankings in February,” reads Realtor.com’s hottest real estate market report. “Affordability continues to be a driver of demand as spillover markets dominate our list of the hottest real estate markets.”

Homes in Coeur d’Alene and Spokane stayed in the market for an average of 29 days, according to the report. The median list price in Coeur d’Alene was $ 872,000 and Spokane was $ 400,000, according to Realtor.com.

These numbers differ from the Coeur d’Alene and Spokane multiple listing service data reported by local real estate agents as they are unlikely to categorize sales by acreage or waterfront property.

In Spokane County, the median closed sales price for single-family homes and condominiums in less than 1 acre was $ 325,000 in February, up 21% from $ 268,675 in February 2020, according to the Spokane Association of Realtors.

The median sales price for homes on less than 2 acres in Kootenai County was $ 418,100, according to the Coeur d’Alene realtors’ association.

Oakland, which recently opened an office in Sandpoint to respond to growing demand for real estate in Northern Idaho, said the ability to work remotely and gain access to outdoor activities during nationwide stay-home orders , accelerated the influx of out of state buyers who moved to Sandpoint the area.

“The lockdown was different for us,” he said, referring to stay-at-home assignments across the country a year ago when the pandemic broke nationwide. “We could still get out and walk the Centennial Trail, but imagine you’re in a big city and locked. You really have nowhere to go. “

Although the Coeur d’Alene property market is gaining national attention, it is a “catch-22” for local buyers and sellers, Oakland said.

“It’s definitely sad for a lot of the locals because if you make money outside of the region, it goes much further,” he said. “I hear frustration with buyers when I speak to them and all you can do is put yourself in their shoes. It’s hard for people trying to hold their own. “

In Kootenai County, 189 homes were on the market as of March 10, which is less than a month’s supply, according to the Coeur d’Alene realtors’ association.

For sellers, the lack of available homes in the market could affect their ability to move to other property in the area, Oakland said.

“People always sell for a variety of reasons … but if people can’t move up or get another house, they’re not going to sell their (existing) house because they’ll become homeless,” said Oakland.

The Spokane market has seen similar momentum with multiple offers and high demand, said Ken Sax, managing broker at Professional Realty Services.

“So many people have learned from the pandemic that they can work efficiently and live wherever they want remotely,” said Sax. “The Pacific Northwest is extremely attractive, especially if you are looking for better home value and a better quality of life . “

At one point last month, Spokane County had 133 homes in the market, a nine-day supply, meaning it would take nine days to sell all available homes. A balanced housing market usually includes six months of supply.

“It’s like the ‘Hunger Games’ for buyers. Our inventory is still so low that we can see multiple offers, “said Sax.” Buyers are becoming bigger risk takers after losing a handful of homes.

“You are starting to forego or eliminate contingent liabilities that you would otherwise have and stretch your neck to be the winner.”

Buyers could be willing to buy property without inspecting or foregoing financing options, which means they could lose their money if they couldn’t qualify for a loan, Sax said.

The waiver of contingent liabilities in connection with the recent revisions to the statewide purchase and sale agreements could put additional strain on buyers competing in the local housing market, Sax added.

“I always say work with an experienced broker,” he said.

“Now it’s as important as ever because of the new revisions to our forms.”

Eric Johnson, president of the Spokane Association of Realtors, said that while national awareness has a huge impact on the market, it also has positive aspects.

Typically, people moving here from outside the state seem to value the community, he said.

“If there is one positive it would be,” he said. “We just get more good people here.”