Spokane Market DataDecember 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.
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.
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