North Idaho housing starts follow national trend
Lower numbers mean fewer jobs in construction
COEUR d’ALENE — Construction in Kootenai County, as it is across the country, is slowing down.
“(Construction activity is) running about 10 percent below what it was last year,” Kathryn Tacke, Idaho Department of Labor, said of the Panhandle region. “That’s about 730 fewer jobs than we had last year in construction.”
Press article here.
This is absolutely the best news we’ve had in a while.
Why is it good news? Because Kootenai County is just WEIRD. Nationwide, approximately 10-12% of all homes sold are new construction. That’s a national statistic that holds true in most areas. Not in Kootenai County. Here, roughly 26-29% of all homes sold are new construction.
Lower housing starts is excellent news for home owners.
Currently, the fact that almost 1 out of 3 homes sold is new construction is seriously hindering the ability of home owners to sell their homes. When buyers can continue to get a brand new home, with more square footage than a resale offers, they’ll continue buying new construction.
With the slow down of new construction coming, it shows that there will be an upswing in resales. When? I’m not omnicient so I can’t tell you that but, historically and cyclically it’s about 8-12 months after the housing start slow down.
Filed under: Economics of North Idaho, For Investors, For Sellers
Is the county putting any restriction on how many new developments are allowed to happen? I visited Sun Valley almost 10 years ago and I loved how nice it was. I hope it doesn’t get too developed!
The cities have more power than the county – and as with all development, there is a process the land owner and developer must go through to obtain approval. We currently don’t have any “official” restrictions.