Idaho outperformed the rest of the country in April, with a surge in hiring dropping the forecasted seasonally adjusted unemployment rate down three-tenths of a percentage point to 9.1 percent.

April was the second straight month Idaho's jobless rate declined, bucking the national rate which jumped two-tenths of a percent to 9.9 percent. Until March, Idaho's rate had climbed steadily from a record low 2.7 percent in March 2007 to 9.5 percent this February.

Retail, food and accommodation were the top performers in Kootenai County, which matched the national average. It was an improvement from the 10.1 percent reported by the Idaho Department of Labor in March.

So what does this mean for the real estate market in Coeur d'Alene?

During the "Great Recession" we experienced in the last couple of years, the combination of wage income diminishment and mortgage equity withdrawal caused havoc on the North Idaho real estate market. As the unemployment numbers went up, so did the number of foreclosures as one would typically expect during any market correction. Furthermore, as unemployment and foreclosure rates went up, real estate prices went down which was great for homebuyers.

Now that we have seen a decrease in unemployment, combined with the fact that real estate prices in Coeur d'Alene have been adjusted to 2001-2002 levels, one can expect the trend to begin to reverse. Foreclosures should decrease and prices will stabilize. However, this process will not happen overnight.

There is still a high amount of inventory in the "fine home" and "luxury" market in Coeur d'Alene that must be dealt with. This isn't necessarily a bad thing for buyers as many of the properties are simply overpriced in this market, which suggests that many properties priced above $500,000 simply shouldn't be listed in this range.

Only properly priced waterfront homes and real estate in Coeur d'Alene will be sold in 2010, and a decrease in unemployment should lead to a decrease in distressed property and an overall decrease in inventory. These are all good things for the real estate market in North Idaho.

Looking to take advantage of low real estate prices in Coeur d'Alene? Contact a Black Rock Properties Broker today!