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Home Home Spokane Blog February 2011 Spokane Real Estate Market Update
February 2011 Spokane Real Estate Market Update Print E-mail

February Spokane Real Estate results are in and the Spring Season is upon us . . .

Market Activity

February 2011 Activity  as reported by the Spokane Association of Realtors reported closed sales of 190 units during the month, which is up 6 units from closed sales as reported in the January 2011 Market Activity  results.  This increase of 6 units represents a 3.3% increase in units sold as compared to January 2011.  In comparison to February 2010 which reported closed sales of 210 units the market is down 20 units which equates to a 9.5% decrease this year vs. last year.  On a year to date basis we are 3.1% down as compared to year to date last year.

During the month of February 2011, pending sales reported was 257 units, which is up 33 units as compared to January's 2011 pending sales of 224 units, this equates to a 14.7% increase from month to month.  In comparison to February 2010, which reported pending sales of 351 units pending sales are down 26.7% on a year vs. year basis.

During the month of  February 2011 the average & median sale prices in Spokane County  were $166,418 and $150,000 respectively.  This is in comparison to January's average and median sales prices of $178,903 and $155,000 respectively.  In comparison to February 2010, where the average price was $169,936 and the median price was $157,500, the average is down 2.1% with the median being down 4.8% respectively.  Historically we see a decrease in pricing during February thus not too much surprise however, this month's decrease looks a little steeper then normal.

Spokane Inventory  for the month of February 2011 stood at 2,663 units, which is actually down 13 units as compared to January 2011, which is a .48% decrease.  Compared to February 2010 where inventory stood at 2,953 we are down 290 units compared to this time last year, which equates to a 9.8% decrease.  Based on the historical trend Spokane Market Inventory Levels we would expect February inventory levels to actually increase vs. January however this year we are basically flat.   Yet from a historical perspective we continue to expect inventory to rise as we move further into Spring.  

In February, our Spokane Market Absorption Rate   increased from 8.37% in January to the current rate of 9.65%.  During February 2011, our Spokane Months of Inventory on the market stood at 10.36 months, as compared to January 2011 months of inventory of 11.95.  As you can see in the Spokane Inventory Supply Analysis  February became the 9th month in a row where months of inventory was over 9 months.

Commentary

In February we saw a bright spot in closed sales as we saw an increase over January's results (see Spokane Market Closed Sales Trend).  However, we would hope for a steeper increase in closed units as we move forward.  Looking at the Spokane Market Pending Sales Trend pending sales for February showed a healthy increase vs. January's results yet are well behind the pace in 2010.  

In addition to jobs and the economy another major issue we now face is the recent announcement by the government that they want to wind down the  existence of Freddie Mac and Fannie Mae.   While there is consensus that phasing out these government entities is essential to be successful private firms will need to step up to fund mortgages as the government currently guarantees or underwrites 92% of existing mortgages.  In addition the Interest Rate Trend continues to increase (4 straight months of increase) which in the short term creates a sense of urgency however in the long run could impact buyers psyche and ability to purchase.   

As 2011 unfolds 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.

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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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