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Greetings Active Rainers!Perhaps Spring has finally arrived, although a little later than normal here in the Pacific Northwest! Now that most of the snow has melted and the tree's are blooming we are starting to see an increase in activity and inventory which is typical of this time of year. Market ActivitySpokane April Activity continues it's upward and
positive trend. Closed sales for the month were 441 units, which is
up over 17% as compared to March Activity. For the month the average sales
price was $203,562 and the median price was $183,500. As compared to
the average & median price in April 2007 these figures are down 6.05%
and 1.08%. While volume year to date remains behind last years pace,
the overall average and median prices continue to hold steady. For a
graphical look at the Spokane area monthly average and median price trend
please click here. Year to date 2008 sales totaled 1,311 units as compared to 1,935 units through April of 2007. This decrease of 624 units places Spokane sales volume at a 32% decrease compared to year to date last year. Year to date the average price sales was $201,386 with a median year to date sales price of $180,000. Inventory for the month stood at 3,218 units, this is up only 174 units from March. At the current absorption rate of 15% this equates to approximately 6.47 months of inventory on the market. While this is down from the March 2008 number of 7.2 months of inventory most observers would say it continues to be a buyers market. Compared to inventory of 2,545 units in April 2007 the number of properties available is up 26% on a year to year basis. Market CommentaryWhile continuing to be affected by the national market and economic
climate the Spokane market remains a steady and stable market. Yes
time on market has increased and prices have not risen as rapidly as years
past however, properties in good condition, priced based on the current
market condition continue to sell, sometimes even with
multiple offers. If you or someone you know could benefit from my services please feel free to contact me. I look forward to earning your trust, respect and business! Regards,
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Perhaps you are contemplating selling or buying here in the Spokane area but still have some concerns? As we continue to emphasis here at the Spokane Real Estate Advisor real estate is local and making informed and intelligent real estate investments requires local facts and figures.
This is why we are so focused on providing factual statistics and information on the local Spokane Market. Whether through our monthly & quarterly newsletters, or featured articles about the Spokane market, our goal is to educate and keep you abreast of the local real estate environment.
This week Spokane was featured in a USA TODAY article that talks about the diversified economy here in Spokane and that while the national issues have brought on some tough times, Spokane prices continue to hold strong, particularly in and around the median price point.
The article goes on to speak about how Spokane has not been as impacted by the waves of subprime loans and foreclosures that have affected the rest of the market. This is an example of how our slow but steady growth (compared to other areas) has actually helped us in the long run.
It's nice to see that on a national level the local Spokane market is receiving some good press!
Today the National Association of Realtors (NAR) reported that existing homes sales edged down in March, continuing a decline and remaining within a narrow range of sales activity that has persisted since last September. The NAR reported that existing homes sales were down 2 percent to a seasonally adjusted annual rate of 4.93 million units in March. This is down 19 percent from the 6.11 million unit pace in March of 2007. In comparison the Spokane Market reported sales of 869 units through March, which on an annual basis was approximately 35% below the pace through March 2007.
Regionally, sales rose in the Northeast and West but fell in the Midwest and South. The NAR reports that while interest rates remain at historically low levels, buyers are incurring more restrictive lender requirements, this along with the plethora of inventory has resulted in buyers taking their time to "shop" around. Further adding to the slowdown in sales is that other buyers remain on the outside looking in, in the hopes that prices and interest rates will continue to decline.
The national median existing-home price was $200,700 in March, down 7.7 percent from a year ago when the median was $217,400. Because the slowdown in sales from a year ago is greater in high-cost areas, there is a downward pull to the national median with relatively higher sales activity in low-cost markets. Here in Spokane the median home price in March was $177,875, down only $625 dollars from the median price a year ago of $178,500.
Total housing inventory of 4.06 million existing homes rose 1.0 percent for the month. Based on the current sales pace this represents a 9.9-month supply of inventory, up from a 9.6-month supply in February. Spokane reported 3,044 homes for sale at the end of March, based on our current sales pace this resulted in a 7.20 month supply of inventory. While still higher then most would like to see, this is down from the above 9.83 months of inventory we saw earlier in the year.
On a regional basis existing-home sales in the West rose 2.2 percent in March to a level of 940,000 but are 22.3 percent below a year ago. The median price in the West was $285,100, which is 14.7 percent lower than March 2007.
Similar to the western region, Spokane is behind last years pace in units sold and above last years levels in regards to inventory, however to date we continue to see prices, both average and median holding and not experiencing the significant declines that are occurring on a more national level.
If you have additional questions or if I can be of assistance in your real estate endeavors I would welcome the opportunity. Please give me a call at (509) 979-2535 and allow me to earn your trust, respect and business!
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Greetings Active Rainers,Well it's hard to believe we are already 1/4 of the way through 2008. The first 3 months have presented some interesting challenges for our local market and no doubt more to come. Considering the overall sense of real estate nationwide Spokane continues to feel the affects however, the local market continues to show strength and stability. Market ActivitySpokane March activity continues it's upward
trend. Closed sales for the month were 376 units, which is up over
28% as compared to Feb Activity. For the month the average sales price
was $197,110 and the median price was $177,785. As compared to the
average & median price in March 2007 these figures are down 4.45% and
.35%. In addition, these results continue a downward trend
from last years (2007) overall average and median prices of
$211,909 and $185,400 respectively. For a graphical look at the
Spokane area monthly average and median price trend please click here. On a quarterly basis Q1 2008 sales totaled 869 units as compared to 1,327 units in Q1 of 2007. This decrease of 458 units equates to a 35% decrease in units sold. For the quarter the average price was $200,363 with a median price of $177,898. Inventory for the month stood at 3,004 units, this is up 266 units from February. At the current absorption rate of 14% this equates to approximately 7.2 months of inventory on the market. However, this is down from the high of 9.83 months of inventory in January 2008. Compared to inventory of 2,334 units in March 2007 the number of properties available is up 30% year to year. Market CommentaryWith the hope of spring in the air and the up turn in the absorption rate over the last few months the market is starting to warm up. For Buyers, interest rates continue to hoover near the 6% rate, with inventory up and more still to come, there are choices even for the most discerning buyers. For Sellers, with the spring increase in inventory and some concern and hesitancy in regards to the economy pricing your property correctly becomes even more important. While it may not seem logical, initially pricing towards the middle to low end of your range in most cases will result in you obtaining a higher value for your property then starting out on top and eventually having to lower your price. Just like you buyers are looking for value and when property is priced appropriately they are inclined to offer full value and act more quickly. I trust this update has been of value however if you have further questions or concerns please don't hesitate to contact me. I look forward to earning your trust, respect and business! Regards,
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Your Spokane Real Estate Advisor - Where Value Goes Beyond The Property
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