Market Activity

April 2010 Activity  as reported by the Spokane Association of Realtors resulted in closed sales of  505 units during the month which is up 102 units from closed sales as reported in March 2010 Market Activity .  This increase of 102  units represents a 25.3% increase in units sold as compared to March 2010.  In comparison to April 2009 which reported closed sales of 330 units the market is up 175 units which equates to a 53% increase this year vs. last year.  April marks the SEVENTH consecutive month where closed residential sales exceeded sales from the same month a year ago.    During the month of April 2010  pending sales reported were 502 units, which is up 20 units as compared to March's 2010 pending sales of 482 units, this equates to a 4.1% increase from month to month.  In comparison to April 2009 which reported pending sales of 386 units the market is up 116 units, a 30.1% increase this year vs. last year. 

During the month of April 2010 the average sales price in Spokane County  was $179,874 and the median sales price was $163,000.  This is in comparison to March's average and median sales prices of $182,234 and $160,000 respectively.  On a month to month basis the average price was down $2,360 per unit a 1.3% decrease, while the median price was up $3,000 per unit a 1.9% increase.  In comparison to April 2009 the  average and median April 2010 prices are down 8.9% and 5.6% respectively on a month to month basis year over year. 

Spokane Inventory  for the month of April 2010 stood at 3,414 units, which is up 79 units as compared to March 2010, this is a 2.4% increase month over month.  Compared to April 2009 where inventory stood at 2,997 units we are up 417 units compared to this time last year, this is a 13.9% increase.  As we can see from the historical trend Spokane Market Inventory Levels   are on the increase, with the 2010 trend continuing to be somewhat steeper then the trends in 2009 & 2008.

In April our Spokane Market Absorption Rate  slightly increased from 14.45% in March to 14.70%.  The increase of 2.4% in inventory was offset by the pending sale increase of 4.1% thus resulting in a wash on absorption rate.  During April 2010 our Spokane Months of Inventory on the market stood at 6.80 months, which is a 1.71% decrease from March's 6.92 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.  However, with months of inventory hovering near 7 months, analyst's would still consider Spokane a buyers market.

April's 2010's absorption rate of 14.70% is the third consecutive month of double digit absorption.  As would be expected with an absorption rate in the double digits the April Spokane Market Breakdown and Price Analysis shows good absorption rates in all areas of Spokane and the beginnings of good absorption rates in the 200K plus ranges (as compared to prior months).

Commentary

The Spring market is upon us, inventory levels are increasing, viewings and activity are also on the rise.  Overall the economy is improving although slowly, interest rates continue to remain low and  April continues the trend as we have now had 7 consecutive months of year over year higher closed sales.   Year to date (YTD) closed sales are up 33.3% with pending sales up over 27.8% as compared to April YTD 2009.  Inventory YTD is up 29.5% and the average and median sale prices are down 10.4% and 8.4% YTD respectively.  With the expiration of the tax incentives here ins April 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.

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