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Home Spokane Blog Spokane WA Real Estate Market Update March 2010
| Spokane WA Real Estate Market Update March 2010 |
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Well already 1/4 of the way through 2010 and the first quarter results are encouraging. Still a few weeks left to take advantage of tax incentives and great interest rates!
Market ActivityMarch 2010 Activity as reported by the Spokane Association of Realtors resulted in closed sales of 403 units during the month which is up 193 units from closed sales as reported in February 2010 Market Activity. This increase of 193 units represents a 91.9% increase in units sold as compared to February 2010. In comparison to March 2009 which reported closed sales of 327 units the market is up 76 units which equates to a 23.2% increase this year vs. last year. March marks the sixth consecutive month where closed residential sales exceeded sales from the same month a year ago. While not out of woods yet, the market seems to have re-bounded from the lows of 2008 - 2009. During the month of March 2010 pending sales reported were 482 units, which is up 121 units as compared to February's 2010 pending sales of 351 units, this equates to a 37.3% increase from month to month. In comparison to March 2009 which reported pending sales of 390 units the market is up 92 units, a 25.6% increase this year vs. last year. During the month of March 2010 the average sales price in Spokane County was $182,234 and the median sales price was $160.000. This is in comparison to February's average and median sales prices of $169,936 and $157,500 respectively. On a month to month basis the average price was up $12,298 per unit a 7.2% increase, while the median price was up $2,500 per unit a 1.6% increase. In comparison to March 2009 the average and median March 2010 prices are down 8.9% and 8.6% respectively on a month to month basis year over year. This is the first time since Dec 2009 where we have since an increase in both the average and median prices for the month. Spokane Inventory for the month of March 2010 stood at 3,335 units, which is up 382 units as compared to February 2010, this is a 12.9%% increase month over month. Compared to March 2009 where inventory stood at 2,687 units we are up 648 units compared to this time last year, this is a 24.1% increase. As we can see from the historical trend Spokane Market Inventory Levels are on the increase, with the 2010 trend being somewhat steeper then the trends in 2009 & 2008. In March our Spokane Market Absorption Rate again increased from 11.89% in February to 14.45% in March. The pending sale increase of 37.3% during March more then offset the 12.9% increase in inventory levels, thus resulting in the absorption rate improvement. During March 2010 our Spokane Months of Inventory on the market stood at 6.92 months, which is a 17.76% decrease from February's 8.41 months of inventory. As you can see in the Spokane Inventory Supply Analysis a months of inventory level between 5 to 7 months exhibits a market that is improving. Despite the significant increase in properties coming on the market, the market has been able to absorb them and lower the months of inventory on the market. March 2010's absorption rate of 14.45% is the second consecutive month of double digit absorption. As would be expected with an absorption rate in the double digits the March Spokane Market Breakdown and Price Analysis shows good absorption rates in all areas of Spokane with excellent activity in the 200K and below range. Commentary
As the first quarter comes to a close the economic recovery along with the continued tax incentives for home ownership have definitely been felt. For the quarter closed sales are up 23.2%, while pending sales were up 26.8%, all of this despite inventory levels being up 35.5% during the first quarter. Prices are still feeling some pressure with the average and median prices for the quarter being down 11.3% and 8.7% respectively. As the tax incentives go away in April and Spring upon the region the next 3 - 6 months will be very telling as to the health of the Spokane Real Estate Market. If you need assistance or just have some questions regarding the real estate market please don't hesitate to contact us. 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. Comments (46)
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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
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Thanks for this short and informative post.