The Spokane Real Estate Blog
Featured Listings
|
Read more... |
Read more... |
Home Spokane Blog Spokane Market Update April 2008
| Spokane Market Update April 2008 |
 |
 |
Greetings Valued Clients!Well we are 1/3 of the way through the year and it looks like Spring maybe starting to arrive. With the snow finally melted and the trees in bloom we are starting to see an increase in activity, sales and inventory which is typical of this time of year. For an update on April activity here in the Spokane area please read on . . . . Market ActivitySpokane April Activity continues it's upward and positive trend. Closed sales for the month were 441 units, which is up over 17% as compared to March Activity. For the month the average sales price was $203,562 and the median price was $183,500. As compared to the average & median price in April 2007 these figures are down 6.05% and 1.08%. While volume year to date remains behind last years pace, the overall average and median prices continue to hold steady. For a graphical look at the Spokane area monthly average and median price trend please click here. During April the Valley, South and West area's of Spokane all showed improvement in absorption rate based on pending sales as well as experiencing a reduction in the number of months of inventory available. The North was the only area this month that did not show an improvement in absorption rate or months of inventory available. All area's saw a significant increase in absorption rate in the higher price ranges, even exhibiting double digit absorption in the 400K to 450K price ranges. The Spokane market continued to show good activity and strength in the 200K and below price ranges, however even in the 200K to 400K price ranges we began to see improved absorption rates. For a closer look by area and price range please click here . Year to date 2008 sales totaled 1,311 units as compared to 1,935 units through April of 2007. This decrease of 624 units places Spokane sales volume at a 32% decrease compared to year to date last year. Year to date the average price sales was $201,386 with a median year to date sales price of $180,000. Inventory for the month stood at 3,218 units, this is up only 174 units from March. At the current absorption rate of 15% this equates to approximately 6.47 months of inventory on the market. While this is down from the March 2008 number of 7.2 months of inventory most observers would say it continues to be a buyers market. Compared to inventory of 2,545 units in April 2007 the number of properties available is up 26% on a year to year basis. Market Commentary
While continuing to be affected by the national market and economic climate the Spokane market remains a steady and stable market. Yes time on market has increased and prices have not risen as rapidly as years past however, properties in good condition, priced based on the current market condition continue to sell, sometimes even with multiple offers. If you or someone you know could benefit from my services please feel free to contact me. I look forward to earning your trust, respect and business!
Regards, Comments (16)
 Write comment
|
Subscribe to this comment's feed
Show/hide comments
Show/hide comment form
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
Email
Let's Stay Connected
Newsletter Sign Up
Latest Blog Posts
Loan Calculator
Polls
Spokane Homes
How can I help you with your Spokane real estate needs?
- Check out my Spokane listings
- Search the Spokane MLS
- Learn about Spokane Washington
- Request Spokane Relocation Assistance
- Ask me about Spokane property values
- Get info on listing your Spokane home
Spokane Valley Homes
How can I help you with your Spokane Valley real estate needs?
- Check out my Spokane Valley listings
- Search the Spokane Valley MLS
- Learn about Spokane Valley, Washington
- Request Spokane Valley Relocation Assistance
- Ask me about Spokane Valley property values
- Get info on listing your Spokane Valley home
Airway Heights Homes
How can I help you with your Airway Heights real estate needs?
- Check out my Airway Heights listings
- Search the Airway Heights MLS
- Learn about Airway Heights, Washington
- Request Airway Heights Relocation Assistance
- Ask me about Airway Heights property values
- Get info on listing your Airway Heights home
air max 2011A lightweight, quiet dryer that utilizes ceramic technology, negative ions, far infrared, low EMF and the new Nano Silver Technology to sterilize bacteria. A built in dryer stand lets you style hands free. Ceramic ionic technology generates millions of negative ions to dry hair without damage, while sealing in natural moisture and shine.