Spokane Real Estate Market Report January 2012

Residential closed sales (residential site built on less than one acre and condo) totaled 205 for January. This

number is down from December 2011 when 355 sales were reported sold. However, closed sales for January

2012 are the highest for January since 2008. The average sales price was $156,121, up 1.7% from December

2011 and the median price was $147,000, up 1.4% from December 2011. Compared to one year ago, average

and median prices for January 2012 are down 12.7% and 5.2% respectively.

January closed sales are up 11.4% compared to last January. This is the seventh consecutive month where sales

were up compared to the same month a year ago.

Inventory is up compared to this time last year by approximately 220 properties or up 8.1%. New home

construction closed sales were down 35.5% compared to January last year.

As you can see, there have been significanly less listings on the market during the past year than the year previous.

Less homes available on the market with an increase in closed sales trend indicates a market beginning recovery.

Of course nobody knows for sure what the future may bring, but it continues to be a great time for folks in the market who wish to take advantage of the historically low interest rates and affordable prices. Home sellers are beginning to see reductions in inventory and movement towards a more stable market. Of course the number of distressed properties continue to keep downward pressure on prices at present although these inventories are trending downward as well.

This market report is more of a macro county-wide report. I would be happy to pull information for your specific area if your interested in exploring the market in more depth in order to better estimate the present market value of your home. Just give me a call!