Dr. Grant Forsyth of Eastern Washington University College of Business and Public Administration has compiled an area economic outlook for 2012. The good news is Agriculture and Retail sectors are on the increase while non-farm employment and income are trending upward. Initial filings for unemployment are down as well. It continues to be a forecast for choppy waters in the housing market however with an overall loss in equity predicted.

Here's the link: http://www.ewu.edu/Documents/CBPA/IPPEA/2012%20Forsyth%20Outlook2-Nov-15-2011-PDF.pdf

One thing of note in terms of residential real estate; with anecdotal value of course, is that for some on the buying side of things, it's a time of growing frustration in that the housing inventory has shrunk somewhat in various price ranges making it difficult to find the right place to buy. Will this trend that myself and many of my colleges are facing continue through Spring into Summer? I'm inclined to think that possibly with Spring and the change in weather, that more homes will come on the market. Still (and less inventory is supported with evidence in the data from the Spokane Association of Realtors) this decrease in inventory and increase in sales, if it continues, and at a time whereby foreclosure inventory is also shrinking, it could point in a direction of a stable market and ultimately one in certain categories that may show price increases. Of course nobody knows for sure how things will play out. It will be interesting to see and then revisit the 2012 outlook in 2013 and see how close it came to an accurate portrayal. Meanwhile with low interest rates, rock bottom prices, it appears to be a race to the finish line this year for those wishing to invest in real estate and get a great deal.

Finally, it's a tremendous value and asset to have research in motion here in our area. Not just in business, but in medical, biology, technology and all areas of academia. Having earned an undergraduate and graduate degree from Eastern Washington University, I'm proud to see our area University District at Riverpoint grow, as well as new projects and growth at Gonzaga across the river, Washington State University Spokane, and the central EWU campus at Cheney. Institutions of higher learning are smart investments in the regional economy. As we support growth in research and funding, we see the University community grow and along with it, various economic sectors. As the tide rises, so rise all boats, as the saying goes. Of course we are all interconnected nationally as well as globally, but isn't a marker of success within a civilization it's strength in the arts, sciences, and advanced disciplines? Spokane has so much potential, and we can grow big if we put our minds to it!

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!

Housing Picture Expected to Brighten in 2012

Gov't Announces More Refinancing Program Details

It's time once again for the Cork & Kegg beer and wine tasting event at Mirabeau Hotel in the Spokane Valley. the event is put on by the non-profit Washington Restaurant Association and benefits student scholarships. Enjoy wine and beer from nearly 50 wineries and breweries from around the area. It's your chance to taste more than 100 wines and 30 hand-crafted beers. The food is provided by the Inland Northwest Culinary Academy. The event includes live music, a wine store, and of course a great night of social.

Special room rates from the hotel are available as well. The event is Saturday November 12, 2011. Tickets are $50 at the door and $45 in advance

http://www.spokanecorkandkeg.com/home_page