March 2025 Real Estate Market Update for Coeur d’Alene

Hello everyone! Leslie Simpson here, bringing you the latest insights from the real estate market in Coeur d’Alene and beyond. Last week, the Coeur d’Alene Multiple Listing Service released some compelling market statistics, and I’m eager to share them with you!

In today’s video, we’ll start with a brief overview of nationwide trends from the National Association of Realtors, before zooming in on our local area with specific stats for both existing homes and new construction.

National Overview

Let’s kick things off with the national landscape:

• Existing Home Sales: Sales rebounded from February, rising 4.2% to an annual rate of 4.26 million units. The South and West saw increased activity, while the Northeast experienced a dip. The Midwest held steady.
• Listings and Pending Sales: There’s good news for buyers! New listings for new construction homes are up by 5%, while existing homes have soared by 20%. Pending sales for existing homes increased by 15%, though new construction saw a 38% decrease.
• Median Sales Prices: The median price for new construction homes is now at $552,784 (up 2%), while existing homes are priced at $535,000 (up 10.9%).
• Days on Market: Homes are selling faster, with days on market reducing by 6% for new construction and 1.2% for existing homes.

Local Market Insights

Now, let’s dive into the local stats for Coeur d’Alene:

Existing Homes

• New Listings: Up 20% from March 2024—fantastic news for buyers!
• Pending Sales: We saw a 19% increase compared to last year.
• Closings: While closures dropped by 9%, we’re still trending upward year-to-date with a 3.8% increase.
• Median Sales Price: Currently sitting at $535,000, which is a 10% increase from March 2024.

My favorite graph illustrates the median sales prices of both new construction and existing homes. Although new construction prices are slightly higher, they have remained stable over the last few years, while existing home prices continue to climb.

Interestingly, homes are selling for approximately 97.6% of their list prices, allowing for some negotiation room of about 2.4%.

New Construction

• Inventory Growth: Listings are up 5% compared to this time last year.
• Closed Sales: Down by 5%, but we see a significant 17% increase year-to-date.
• Days on Market: Average is 152 days for new constructions, longer than the existing homes at around 90 days.

The median sales price for new construction has slightly risen to $560,000 year-to-date, with this March’s median at $552,000.

Our housing inventory is on the rise, and we are seeing more listings hit the market as spring unfolds. If you’re thinking about buying, now is an exciting time to explore options.

If you have any questions or want a hard copy of this comprehensive market data, please don’t hesitate to reach out! Remember, I’m here to assist you with your home search in North Idaho or Spokane County.