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 ~ 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 Market Update

I'd like to start today's blog with a quote. Post a note if you would like to comment.

Here is quote from Glenn Crellin at Washington Center for Real Estate Research. You can view his entire October 30, 2008 presentation by clicking the link at the end of this posting. The quote below is about Housing Affordability in Spokane.

"In Spokane the typical home is affordable, with the current measure indicating a 22.1% cushion on the ability to afford a home. Now, the industry needs to convince consumers the time is ripe to buy without appearing self-serving. With the kinds of affordability numbers we saw in the first half of this decade it comes as no surprise that the market took off and prices surged. It wasnt irrational exuberance or unjustified lending driving the local market it was common sense!"

We are still selling homes in Spokane!

Here is the latest market data from the Spokane Association of Realtors. Please note that the average sales price compared to last year is only down 2.3%. Also, please note that inventory is coming down as well. I've noticed in our offices that we are not taking as many listings.

This is a good thing for you current sellers in the marketplace. Less competition for the buyers who are out there. For buyers who may be "waiting" to see if prices will continue to fall you may have missed the boat. I think we have stabilized as far as average sales price goes. Take a look at this: August 2008 average sales price $203,493, September 2008 average sales price $201,372 and October 2008 average sales price $201,797. Each of these months are pretty similar. You can look at previous posts to see the other months of the year.

As a side note, there have been 703 new construction homes sold through October 2008. This may be a surprise to some of you. The average sales price for new construction is $292,718. CLICK HERE for more new construction data.

October residential closed sales for site built/condo on less than one acre totaled 439 closed sales. This total is down 26 closed sales from September. The average sales price for October was $201,797 and the median sales price was $177,000.

Year to date sales total 4,364 closed sales through October compared to 6,006 through the same period last year.

The average sales price through October is $207,003 down 2.3% from one year ago. The median sales price through October is $184,700 compared to $186,000 over the same period last year.

Inventory for the second month in a row is down from the previous month 3,173 compared to 3,387.

New home sales reported to the SAR MLS totaled 79 for October up one over the total for September.

Here is a link to some interesting facts and figures regarding homeownership. CLICK HERE

And for those of you who like graphs and charts...take a look at this from the Washington Center for Real Estate Research. You will notice that Spokane and Washington in general our quite healthy and are not seeing the level of foreclosures that other parts of the county are. CLICK HERE