Spokane Real Estate - Still Waiting?

Spokane Market Data
December sales totaled 285 compared to 252 for November. The average price this month was $201,065 and the median price was $179,000. As a side note, here are the average sales prices since August. August 2008 = $203,493; September 2008 = $201,372; October 2008 = $201,797; November 2008 = $200,086 and then December $201,065. I'm not seeing any dramatic downward spirals here. That is not to say that there are not some fantastic buys out there. With a little bit of research and a great buyer's agent at your side...you can find some great buys.

The total sales for 2008 were 4,911 compared to 6,935 in 2007. The average sales price for the year was $206,291 and the median price was $184,000. The average sales price is down 2.6% compared to last year while the median price was down less than one percent.
The inventory as of this report stands at 2,488 listings compared to 2,925 last month and 2,553 in the December report last year. Sales of newly constructed homes reported to the SARMLS ended the year at 804 sales compared to 1,245 in 2007.

Analysis
More homes sold in December than November?? I've already mentioned that our numbers for January 2009 are far greater than they were in January of 2008. I think buyers are finally realizing now is a great time to get out there and check out some homes!

Here is some information that ran in the Sunday Real Estate section of the Spokesman Review this weekend.

Spokane's median price for residential home sales rose 62 percent over the last 5 years. Five-year median price appreciation places Spokane as one of the top 12 markets in the United States.

Rates are low, low, low. Interest rates are appearing at the lowest points in years and the supply of homes for sale is plentiful. Normally we don't have these kind of buying conditions. Buyers can be choosy and get a great rate on their mortgage.

Most Americans still believe buying a home is a good investment. Nine out of 10 consumers consider homeownership to be a sound financial decision. Over the last 40 years, real estate has delivered the most consistent positive return over any investment.

The FHA single-family loan program is alive and well. Nationally the FHA market share is expected to jump from just 6 percent in 2007 to as much as 40 percent in 2009.

$7,500 tax credit goes away July 31, 2009. The new first-time buyer tax credit amounts to a 15 year, interest free $7,500 loan, but it is only available through July 2009.

Send me a note today to get started on making your next move.

Spokane Real Estate ~ Great Buys!

Looking for a Great Buy?

WOW....we just returned from touring new listings this week and I have to say the new homes at PRASADA PLACE are amazing. Prasada Place is a brand new development in the Spokane Valley.

The fully furnished model home is available to see and they are Open daily from 11 am to 5 pm. This past weekend was the Grand Opening and they have some special incentives that you will want to take advantage of.

The model's floor plan is fantastic ~ A grand entry with high ceilings and open railing wrapping around the entry staircase up to the spacious loft on the second level. Generously-sized bedrooms with large closets ( one of my favorite features ) a master suite with tiled soaking tub, raised vanity and sinks and an awesome kitchen with a large center island.

Here are some highlights of this development:

~ Prices ranging from the $180's to the $260's
~ Fully finished homes for under $100 per square foot
~ 50% off all upgrades up to $10,000 for the first 4 homes sold this year
~ Award winning in-house-design by Viking Construction to help you personalize your new home to your lifestyle
~ An extensive list of included amenities
~ 18 lots available

I think you will have a hard time finding comparable homes at this price in such a great location. We have marketed other Viking Homes at Sonata Springs, and Hunters Run, which is sold out ~ and and they tend to sell very quickly.
For more information, or to arrange a showing e mail us at valley@windermere.com

Photos courtesy of Mike Hollingworth of Northwest Photographics, LLC http://www.mchollingworth.com/ as provided to the Spokesman Review for the January 11th, 2009 real estate cover story on Prasada Place

Spokane Real Estate ~ December 2008 Data

Spokane Association of Realtors December 2008 Market Data

December sales totaled 285 compared to 252 for November. The average price this month was $201,065 and the median price was $179,000.

The total sales for 2008 were 4,911 compared to 6,935 in 2007. The average sales price for the year was $206,291 and the median price was $184,000. The average sales price is down 2.6% compared to last year while the median price was down less than one percent.

The inventory as of this report stands at 2,488 listings compared to 2,925 last month and 2,553 in the December report last year.

Sales of newly constructed homes reported to the SARMLS ended the year at 804 sales compared to 1,245 in 2007.

Make sure you check out windermerenewconstruction for new construction information.

Spokane Real Estate ~ Opportunity Knocks

Happy New Year
We've made it into 2009. What journey 2008 was...whew! My gut "usually a pretty reliable resource" tells me that 2009 is going to be a better year for all of you home buyers and home sellers out there.

Market Data
I'm still waiting for the Spokane Association of Realtors to publish December Market Data. As soon as I have it I will post it here. I did some preliminary research and it looks like there may have been more closed sales in December than November. I'm pretty sure you are just as interested as me to see where our average and median sales prices ended up. For the last several months we've stayed pretty close to $200,000 for the average sales price. I'm wondering if we've "hit the bottom" of our pricing decline.

Resources
I found a great piece from the National Association Of Home Builders that I am going to share with you here. This site has a great CONSUMER section that you may want to check out. I like this piece because it really summarizes the buying opportunities out there. It talks about tax advantages and also building wealth through home ownership. Take a peek and let me know what you think.

Concerns
My biggest concern is that some will miss out on this age of opportunity. I strongly encourage you to research our market. Talk to your Windermere agent. Get detailed information on neighborhoods you are interested in. I've heard all kinds of predictions about the real estate market in 2009. Take this time to research your timing. Here are some folks who have taken advantage of current market conditions.

Since I've misplaced my crystal ball, and cannot see into the future...we have to look at the facts. Our supply of homes is about the same as it was last year at this time. That means you have good options in choosing a home. Interest rates are phenomenal...in the low 5% range. Yes, you can get a mortgage. And, the snow started melting today!!

Cheers in the New Year!