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Home Spokane Blog Spokane WA Real Estate Market Update January 2010
| Spokane WA Real Estate Market Update January 2010 |
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As we begin a new decade all signs point to a growing and healthy real estate market here in Spokane. Continued low interest rates, tax credits and incentives, along with a good selection of homes to choose from all contribute to a bright future. Enclosed are the results for the Spokane Real Estate Market for January 2010 . . .
January 2010 Activity as reported by the Spokane Association of Realtors resulted in closed sales of 177 units during the month which is down 169 units from closed sales as reported in December 2009 Market Activity . This decrease of 169 units represents a 48.8% decrease in units sold as compared to December 2009. In comparison to January 2009 which reported closed sales of 121 units the market is up 56 units which equates to an 46.3% increase this year vs. last year. In addition this is the fourth consecutive month where closed sales for the month exceeded closed sales from the same month a year ago. During the month of January 2010 pending sales reported were 227 units, which is down 21 units as compared to December's 2009 pending sales of 248 units, this equates to a 8.5% decrease from month to month. In comparison to January 2009 which reported pending sales of 177 units the market is up 50 units, a 28.2% increase this year vs. last year. During the month of January 2010 the average sales price in Spokane County was $176,605 and the median sales price was $160,000. This is in comparison to December's average and median sales prices of $180,216 and $168,007 respectively. On a month to month basis the average price was down $4,611 per unit a 2.6% decrease, while the median price was down $8,007 per unit a 4.8% decrease. In comparison to January 2009 the January average and median prices are down 14.7% and 8.6% respectively on a month to month basis year over year. So despite good activity and volume we continue to see downward pressure on average and median prices. Spokane Inventory for the month of January 2010 stood at 2,828 units, which is up 222 units as compared to December 2009, this is a 8.5% increase month over month. Compared to January 2009 where inventory stood at 2,530 units we are up 298 units compared to this time last year, this is a 11.8% increase. Inventory levels during 2009 were very consistent with our historical trend as you can see in the Spokane Market Inventory Levels we are starting out 2010 at our highest level in 3 years. In January our Spokane Market Absorption Rate showed a decrease from December's rate of 9.52% to the current rate of 8.03%. The combination of inventory levels increasing (in anticipation of the spring rush) and the decrease in pending sales resulted in the month to month decline. In addition, the slower activity of the holidays during December typically shows up in the January results. During January 2010 our Spokane Months of Inventory on the market stood at 12.46 months, which is an 18.5% increase from December's 10.51 months of inventory. From a market cycle perspective the Spokane Inventory Supply Analysis provides great insight into whether the market is a buyers or sellers market and the seasonality of our real estate market. As would be expected with an absorption rate below double digits during January the Spokane January 2010 Price Breakdown and Market Analysis shows that on average all the areas of Spokane experienced absorption rates in the single digits. CommentaryAs we begin a new decade we are coming off a difficult year in 2009 that started slow however, finished strong. We are starting 2010 with higher inventory levels, partly due to the increase in bank owned and short sale properties. It is uncertain whether the first time home buyer credit and move up buyer credit will be extended beyond their current April 20th deadlines. Recently the stock market has gained back the losses we saw early on and we seem to be establishing a baseline to move forward from. As you can see there are many factors affecting our local real estate market and we look forward to assisting you navigate these issues. Our objective here at the Spokane Real Estate Advisor is to assist you achieve your life's dreams through the creation of wealth and security in real estate. If we can be of assistance we would welcome the opportunity to earn your trust, respect and business.
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Contact John
John Creighton
MBA, e-PRO, GRI
Spokane Real Estate Advisor
Licensed in Washington & Idaho
John L Scott Real Estate
Cell (509) 979-2535
Office (509) 924-4200
Fax (509) 924-4070
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