Palouse Region January - December 2019… · REAL ESTATE MARKET TRENDS Palouse Region January -...

REAL ESTATE MARKET TRENDS

Palouse RegionJanuary - December 2019

RESIDENTIAL | LOTS/LAND | COMMERCIAL | INVESTMENT | PROPERTY MANAGEMENT

Moscow is surrounded by the luscious Palouse rolling hills with rivers, lakes, and mountains within a stone’sthrow. All great reasons to locate to the area, but not as important as our two neighboring state universities thatsit only 8.6 miles apart. The atmosphere and community these Universities have created help attract students andprofessors alike. This area grows on people quickly; it’s no wonder so many decide to put down roots. Comecheck out the Palouse for yourself and see why everyone who lives here, loves their home.

MISSION STATEMENTThe primary goal of Team Idaho Real Estate is to provide the highest quality of service to our Customers andClients. Our mission is to provide real estate service to the public, through a team approach. This approach meansthat each and every REALTOR® and staff member works together to increase the overall productivity of thecompany, thus providing the ultimate assistance to the Sellers, Buyers, Owners and Tenants who utilize ourservices.

We will strive to operate in a fiscally responsible manner in the daily operation of our business. To this end, thecompany will hire only the most qualified personnel in all aspects of our profession, and provide them with thehighest quality support, marketing materials, training, and management.

MARKETING APPROACHTeam Idaho commits itself to an aggressive marketing approach, utilizing proven and innovative techniques toproject our image to the public. Advertising is done on our personal Website and virtual tours, in all localnewspapers, and local monthly real estate publications. We have an in-house marketing specialist available to allstaff and agents.

WWW.TEAMIDAHOREALESTATE.COM ~ [email protected]

Single Family Moscow & Single Family Rural Only(Excludes all manufactured homes, condos & multi-family) *Numbers per InterMountain Multiple Listing Service

Moscow is located in the beautiful & fertile Palouse region of north central Idaho. It provides "big city"access to cultural and recreational events while providing the charm & safety of a small town. From hostingthe nationally acclaimed Jazz Festival to Rendezvous in the Park, Renaissance Fair, Idaho RepertoryTheatre, Moscow is a cultural haven. With the mild climate, clean air, highly rated public & private schoolsand low crime rate, Moscow is a place visitors usually come back to live.

REAL ESTATE MARKET TRENDS

# Sales Average Sale Price Average Days on Market

Location 2016 2017 2018 2019 2016 2017 2018 2019 2016 2017 2018 2019

Moscow 271 241 264 308 $247,826 $262,151 $291,454 $318,296 75 44 33 34

Viola 7 6 10 20 $267,357 $384,083 $293,950 $387,705 52 80 103 79

Troy 19 39 34 32 $210,593 $219,555 $231,524 $295,339 110 60 75 44

Deary 12 13 14 22 $215,858 $196,976 $233,128 $273,659 136 52 104 50

Genesee 18 22 23 24 $214,855 $183,000 $237,443 $256,291 80 78 86 72

Potlatch* 24 35 33 34 $175,183 $193,459 $229,163 $233,728 102 50 42 74

Kendrick/Julietta

16 30 26 26 $185,525 $186,103 $212,287 $234,755 179 191 153 60

Helmer 0 0 1 0 $0 $0 $229,500 $0 0 0 58 0

Bovill 3 3 6 3 $93,916 $56,166 $123,316 $107,000 119 57 62 62

Elk River 2 2 2 2 $106,699 $85,250 $131,000 $119,950 137 20 136 81

Total/Avg:

372 391 413 471 $171,781 $176,674 $221,277 $222,672 99 63 85 56

Latah County Residential Sales Statistics(Excludes all manufactured homes, condos & multi-family) *Numbers per InterMountain Multiple Listing Service

2019 2018 2017 2016 2015

Homes Sold 462 399 384 365 398

Days on Market 43 50 59 84 80

Average SalesPrice

$301,641 $266,174 $239,800 $234,391 $224,770

Total Sales $139,358,176 $106,203,493 $92,083,473 $85,553,071 $89,458,817


*Potlatch and surrounding area including but not limited to Harvard and Princeton

WHAT MAKES MOSCOW GREAT?

Nestled between the beautiful rolling hills of thePalouse and various national forests, Moscow isrenowned for its community rich with culture,education, shopping, and year 'round outdoorrecreational opportunities. The city features aplethora of urban amenities including musicfestivals, art exhibitions, cutting-edge restaurants,boutiques, book stores, coffee shops and muchmore. You get big city attributes with the smalltown friendliness and safety.

* In 2012, Moscow was named the best place inIdaho to raise children by Bloomberg Business-week. The magazine noted that Moscow schoolsperform better than the state average as measuredby Onboard Informatics.

* Moscow is home to the biggest farmer’s marketin the state. The Farmer’s Market is a popularMoscow tradition that was established in 1977.The Saturday morning event celebrates localfarmers, artists, craftspeople and musicians byproviding them with an opportunity to interactdirectly with the community and its visitors.Highlights include fresh produce, meat, delicioushomemade baked goods, healthy nursery plants,beautiful flowers and quality handmade crafts.The market is located downtown on Main Streetand in Friendship Square next to the MoscowHotel. It is held each Saturday, May throughOctober, from 8:00 a.m. - 1:00 p.m. Localmusicians perform from 9:30 a.m. - 1:00 p.m.each week.


* Cost of Living: Based on average housing costs, utilities, health care, transportation, groceries and other services,Idaho's cost of living is the second lowest of the 11 western states. Specific numbers and a comparative chart are includedin "Idaho At A Glance" pdf publication.

* Crime Rate: According to FBI statistics, Idaho's crime rate is the lowest in the West. The rate of serious crime is 21.3percent less than the national average.

* Education: Idaho ranks in the top 33% among the 50 states for percentage of adults aged 25 and older who havegraduated from high school (84.7 percent). Nearly 64% of the state's general fund is dedicated to education and almost94% of school age children attend public schools. Almost every city with a population over 20,000 has a college oruniversity and six professional-technical training centers provide vocational education as well.

* Recreation: With over one million acres of wilderness area, Idaho is has more than any other stat in the lower 48.Winters are ideal for powdery slopes at one of the 18 ski resorts! Snowmobiling is boundless along thousands of miles oftrails. Idaho, nature's playground!

* www.visitIdaho.org * www.census.gov * www.fbi.gov *Moscow Chamber of Commerce* Latah Economic Development Council * www.businessweek.com (top places to live)

www.visitIdaho.org

www.census.gov

CITY OF MOSCOW BUILDING PERMITS 2009 – 2019*

Year Single Family Units Duplex Units Multi-Family Units Total Units

2019 44 2 2 76

2018 37 0 6 43

2017 31 4 197 232

2016 28 16 17 85

2015 32 4 32 72

2014 22 8 70 108

2013 31 22 28 103

2012 22 6 12 46

2011 23 1 6 31

2010 26 3 4 36

2009 20 2 10 34

* Per City of Moscow Building Department. **2019 stats per City of Moscow Report (May 2020)


Team Idaho would like to provide you with a free, no obligation, Comparative Market Analysis (CMA) todetermine the current value your home. The CMA provides a realistic estimate of your home's market valuebased on today's real estate market. This is not an appraisal; it is however the first step in selling yourhome. We will provide you with a written evaluation that you may keep for your records. Again, this is ano obligation evaluation and is a free service to you.

Team Idaho provides the highest quality service to our customers and clients."Our mission is to provide real estate service to the public, through a team approach. Each and every TeamIdaho REALTOR and staff member works together to increase the overall productivity of the company,thus providing the ultimate in assistance to the sellers, buyers, owners and tenants who utilize our services.We specialize in single family, single family rural, lots/land, commercial, investment and propertymanagement."

YEAR-TO-YEAR COMPARISON REPORTRESIDENTIAL SALES 1/1/19-12/31/19

Qty Sold Volume Sold AverageSale

Median Sale

MOSCOW

Current Period 308 $98,035,329 $318,296 $295,000

One Year Ago 264 $76,943,894 $291,454 $261,000Increase/(Decrease) 44 $21,091,435 $26,842 $34,000

TROY

Current Period 32 $9,450,851 $295,339 $245,000

One Year Ago 34 $7,871,824 $231,524 $205,000Increase/(Decrease) -2 $1,579,027 $63,815 $40,000

POTLATCH

Current Period 34 $7,946,760 $233,728 $192,500

One Year Ago 33 $7,562,400 $229,163 $157,000Increase/(Decrease) 1 $384,360 $4,565 $35,500

GENESEE

Current Period 24 $6,151,000 $256,291 $256,250


DEARY

Current Period 22 $6,020,500 $273,659 $196,250

One Year Ago 14 $3,263,800 $233,128 $240,500Increase/(Decrease) 8 $2,756,700 $40,531 ($44,250)

BOVILL

Current Period 3 $321,000 $107,000 $133,000

One Year Ago 6 $739,900 $123,316 $83,450Increase/(Decrease) -3 ($418,900) ($16,316) $49,550

VIOLA

Current Period 20 $7,754,100 $387,705 $356,000


KENDRICK

Current Period 11 $1,925,486 $175,044 $170,000

One Year Ago 13 $2,160,600 $166,200 $160,000Increase/(Decrease) -2 ($235,114) $8,844 $10,000

JULIETTA

Current Period 15 $4,178,150 $278,543 $283,250


ELK RIVER

Current Period 2 $239,900 $119,950 $119,950

One Year Ago 2 $262,000 $131,000 $131,000Increase/(Decrease) 0 ($22,100) ($11,050) ($11,050)

HELMER

Current Period 0 $0 $0 $0

One Year Ago 1 $229,500 $229,500 $229,500Increase/(Decrease) -1 ($229,500) ($229,500) ($229,500)

TOTAL LATAH COUNTYRESIDENTIAL


Median Sale

Current Period 462 $139,358,176 $301,641 $279,000

One Year Ago 399 $106,203,493 $266,174 $239,700

Increase/Decrease 63 $33,154,683 $35,467 $39,300


Median Sale

MOSCOW

Current Period 41 $6,051,566 $147,599 $95,000One Year Ago 28 $3,079,000 $109,964 $81,750

Increase/(Decrease) 13 $2,972,566 $37,635 $13,250LATAH COUNTYLAND/BUILDING LOTS


Median Sale

Current Period 101 $13,729,479 $135,935 $109,000One Year Ago 88 $11,766,140 $133,706 $102,000

Increase/Decrease 13 $1,963,339 $2,229 $7,000

LAND & BUILDING LOTS SALES 1/1/19-12/31/19


Median Sale

MOSCOW

Current Period 26 $10,843,800 $417,069 $258,000

One Year Ago 28 $11,956,300 $427,010 $248,850Increase/(Decrease) -2 ($1,112,500) ($9,941) $9,150

LATAH COUNTYMULTI-FAMILY


Median Sale

Current Period 27 $11,030,800 $408,548 $256,000

One Year Ago 29 $12,156,300 $419,182 $247,800

Increase/Decrease -2 ($1,125,500) ($10,634) $8,200

MULTI-FAMILY BUILDING SALES 1/1/19-12/31/19


Median Sale

MOSCOW

Current Period 32 $5,934,800 $185,462 $193,250


LATAH COUNTYMULTI-FAMILY


Median Sale

Current Period 27 $11,030,800 $408,548 $256,000

One Year Ago 29 $12,156,300 $419,182 $247,800

Increase/Decrease -2 ($1,125,500) ($10,634) $8,200

CONDOS & TOWN HOMES SALES 1/1/19-12/31/19

*Numbers per InterMountain Multiple Listing Service

Home ValuationTeam Idaho would like to provide you with a free, noobligation, Comparative Market Analysis (CMA) todetermine the current value your home. The CMAprovides a realistic estimate of your home’s marketvalue based on today's real estate market.This is not an appraisal, however it is the first step inselling your home. We will provide you with awritten evaluation that you may keep for your records.Again, this is a no obligation evaluation and is a freeservice to you.


Property Management TeamMerida McClanahan, Property Manager

Adam Hancock, Property ManagerGina Rich, Leasing Agent

Office: 208-882-5484 [email protected]

Team Idaho Also Offers Professional Property Management ServicesABOUT US

In addition to providing award winning real estate services for home buyers and sellers, Team Idaho offersprofessional property management services.

Team Idaho Property Management is devoted to the philosophy that a well-managed property produces the highestfinancial return to owners and the best service to the community. We are committed to raising the bar for propertymanagement services on the Palouse. Our property management system transcends our competition as it reflects ourknowledge of the industry, employs proven and successful property management techniques and upholds a persistentcommitment to our client's investments.

With over 300 rental properties and accreditation with NARPM, you can be assured that your investment propertyrests in the hands of a solid company with staying power.

Team Idaho Property Management has been providing exceptional management services on the Palouse for over 30years. We know the market and we understand that your property is more to you than a simple investment. We arecommitted to providing a hands-on, detail oriented approach for both you and your tenant, giving you the freedom to stepback and appreciate the benefits of your investment. We understand that each property and situation are unique and we areable to create a management program that addresses your specific needs.

WHY USE A PROPERTY MANAGEMENT COMPANY?

Everyone who considers renting living space to tenants needs to decide whether they have time for being a landlordand if it is something they truly wish to take on. Thankfully, having a rental property does not mean you have to also be alandlord. One benefit of hiring an outside firm to manage the property is that the tenant-landlord transaction is managedby a third-party intermediary. When the relationship is handled at arms length, managing it as a business becomes easier.If problems do arise, it is easier to work out differences between the management company and the tenant and it does notneed to involve the owner. We will get you more money!! We have the contacts, resources and drive to get you topmarket value. We reach the target market for all rental properties.

GETTING STARTED

We begin with a professional consultation to review your needs and explain our full range of services, including anassessment of your property. We prepare a competitive rental market analysis for you and provide you withrecommendations for optimizing rental income and reducing deferred maintenance expenses.

● We market your property● We screen potential tenants● We take care of signing leases and lease renewals● We collect the rent and security deposit transactions● We maintain the property● We offer conflict resolution services● We help you manage property related expenses● We have low, easy to understand management fees● We provide detailed, monthly and annual reporting and financial statements


Team Idaho Real Estate and Property Management

204 S Main Street, Moscow, ID 83843

Office: 208-882-9500 or 208-882-5484 Fax: 208-883-3812

Meet Our Team!

Debbie SpurgeonABR, CRB, GRI, GREEN,

Broker/Owner Licensed ID/WA

Licensed ID/WA

[email protected]: 509-336-3672

Sage FrancetichREALTOR®, BS Marketing, UI

Associate Broker

Licensed ID


Deann BillingREALTOR®, GRI, JD, BS UI

Associate Broker

Licensed ID/WA


Tami QuezadaREALTOR®, MRP, ABR

Licensed ID

[email protected]

Dave DailREALTOR®, GRI, MRP, BA

Anthropology ASU

Licensed ID


Adam HancockREALTOR®, Property Manager

Licensed ID


Terry W PettyREALTOR®, M.A., Negotiation,

Conflict Resolution, andPeacebuilding - CSU - Dominguez

Hills. Certified ProfessionalMediator.

Licensed ID


Agents who listen, care & take the time“Whether you’re a buying or selling a home or you are an Investor seekinga Professional Management Company...You’ve come to the right place.”

Let’s Get Connected!

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