Spokane, WA

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!

I recently wrote an article: How to Buy a House - 5 Must Know Tips where I describe some foundational issues that all home buyers face when getting started in their home search. Sometimes people feel the need to jump in and figure things out later when they get serious. This is almost always a disaster yet this is the default road home buyers tend to take.

A real estate agent usually gets involved once they call on a few ads. This is really the best thing that can happen to the home buyer because they then at least ahve a chance to get on the right track. As a real estate professional I can tell you that there is a right way and a wrong way to buy a house. After more than a decade of watching people be both successful and unsucessful I can say that getting educated is probably one of the largest keys to buying a home.

So nothing fancy here, we are talking about one of the most major purchases you are going to make in your life. Instead of jumping in and making mistakes, why not learn how to buy a house from a professional that does it for a living year after year. Remember, you have nothing to lose but your time, money and mind. :]

2011 Spokane Real Estate Statistics Year End

2011 was an unusual year for many Spokane area Realtor's. Being in the trenches, I see a variety of attitudes and outcomes.

There was a total of 8701 homes listed for sale (represents Residential homes in Spokane under 1 acre) and a total of 4020 closed respectively.

The average sales price was 167,665 (down from 183,483 in 2010)and the median price was 154,900 (down from 167,665 in 2010 end).

This reflects a 5.1% decrease in value for median homes..

Interest rates were at a historical low average at 4.42%. This had less effect on boosting home sales than I personally had hoped for. However, Spokane has a far more stable market than many. We are lucky to be here! 2012 has a great ring to it! :)

If you would like a monthly report e-mailed to you directly,or a personalized neighborhood review- feel free to e-mail me at bethannlong@gmail.com

(Statistics provided by the Spokane Association of Realtor's.)

Should You Appeal Your Spokane County Tax Assessed Home Value?

In many of our recent home sales, we find that the current tax-assessed value is significantly higher than the current fair market value. (What a surprise!) With declining market values, it is not uncommon for assessed values to be $40,000 or more higher than today's actual market value.

If you believe this is true in your case, you may want to file a request with the Board of Equalization to have your property value reviewed. If your appeal is approved you will most likely save several hundred dollars on your annual tax bill. The process can take a little time but is not difficult.

You'll need to make your case by providing recent comparable sales data in your neighborhood. This is something that we can provide for you at any time. If you have purchased your home recently, you may also use the appraisal that was ordered by your lender at the time of purchase to support your case.

Tax exemptions are also available for seniors or disabled homeowners. Your local Board of Equalization is the place to start, and here are some helpful links for Spokane County:

Spokane County Board of Equalization

BOE Forms to Request a Valuation Review

How taxes are calculated in Spokane County

Appealing your Property Assessment in Washington State

If you have questions, or if you are just curious about the current value of your home, give us a call!

Darla and LeRoy Pilant are real estate brokers in Spokane, WA. Connect with them at TheRealEstateAces.com or SpokaneHomesforHeroes.com

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