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Home Spokane Blog Spokane WA Real Estate Market Update June 2010
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Well its hard to believe half the year has gone bye! After a slow start to 2010 the Spokane Real Estate Market has made a nice comeback. Following is the June 2010 Spokane Real Estate Market update for a look at where we are and what might be in store for the rest of the year. June 2010 Activity as reported by the Spokane Association of Realtors resulted in closed sales of 506 units during the month which is down 13 units from closed sales as reported in May 2010 Market Activity . This decrease of 13 units represents a 2.5% decrease in units sold as compared to May 2010. In comparison to June 2009 which reported closed sales of 501 units the market is up 5 units which equates to a .99% increase this year vs. last year. June stretches the streak to NINE consecutive month where closed residential sales exceeded sales from the same month a year ago. During the month of June 2010 pending sales reported was 351 units, which is down 97 units as compared to May's 2010 pending sales of 448 units, this equates to a 21.6% decrease from month to month. This is now the second month in a row where on a month to month basis pending sales have decreased. In comparison to June 2009 which reported pending sales of 519 units the market is down 168 units, a 32.4% decrease this year vs. last year. During the month of June 2010 the average & median sale prices in Spokane County was $190,308 and the median sales price was $171,295. This is in comparison to May's average and median sales prices of $180,523 and $160,747 respectively. On a month to month basis the average price was up $9,785 per unit a 5.4% increase, while the median price was up $10,548 per unit a 6.6% increase. In comparison to June 2009 the average and median prices are down 1.5% and 3.5% respectively on a month to month basis year over year. Spokane Inventory for the month of June 2010 stood at 3,406 units, which is up 102 units as compared to May 2010, this is a 3% increase month over month. Compared to June 2009 where inventory stood at 3,282 units we are up 124 units compared to this time last year, this is a 3.8% increase. As we can see from the historical trend Spokane Market Inventory Levels while the typical upward trend was broken in May, June has reverted back to this upward trend. If we hold true to form we will continue to see an increase in inventory through August, then a decrease as we approach the winter months. In June our Spokane Market Absorption Rate slightly decreased from 13.56% in May to 10.31%. This decrease in absorption of 24% from May to June was a result of our inventory increase of 3% and the fact that pending sales were down 21.6%. During June 2010 our Spokane Months of Inventory on the market stood at 9.7 months, which is a 31.58% increase from May's 7.38 months of inventory. As you can see in the Spokane Inventory Supply Analysis a months of inventory level above 9 is a market that is not favorable. It seems that the expiration of the home buyers tax credit, while increasing sales in the first quarter, is having an impact on second quarter performance. Either it inflated the sales numbers and/or pulling in sales to earlier months. While June's absorption rate of 10.56% is the fifth consecutive month of double digit absorption, it is also the second month in a row that the absorption rate has decreased. The concern being that an absorption rate of 10.56% While this is good news, the concern is that historically May is a month where the absorption rate is continuing is quickly approaching the levels we see in the winter months of Nov through Jan. The next few months of summer will be key to determine how the year will play out. In June the Spokane Market Breakdown and Price Analysis shows decent absorption rates in all areas of Spokane, the leading areas were the North and West both having double digit absorption with the South and Valley lagging. We continue to see pressure at the 250K level and above. CommentaryWhile the government tax incentives were a savior to the real estate market, I can't help but wonder if they just delayed or hide a bigger issue. Looking at the Spokane Market Pending Sales trend you can see that during the last 2 months the curve is in a steep downward trend and well below the typical curve we see during this time of year. If inventory continues to increase and pending sales continue to decrease the current environment for sellers will not get any easier. However, for buyers there are deals to be had! 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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