Market Activity

April Activity as reported by the Spokane Association of Realtors reported closed sales of 329 units during the month which is up only 3 units from closed sales as reported in March's Activity.  This increase of 3 units represents less then a 1% increase in units sold as compared to March 2009.  In comparison to April's 2008 closed sales of 445 units we we are down 116 units which equates to a 26.1% decrease this year vs. last year.  During April 2009 pending sales reported were 386 units, which is down 4 units as compared to March's 2009 pending sales of 390 units. In comparison to April's 2008 pending sales of 497 units we are down 111 units, a 22.3% decrease year over year.  

On a YTD basis closed sales of 967 units through April is down 26.9% (357 units) as compared to YTD closed sale through April 2008.  On a pending sale comparison YTD through April 2009 there have been 1,222 units, while through April 2008 there were 1,557 pending units.  This 335 unit decrease represents a 21.5% decrease year over year.

During the month of April the average & median sales prices in Spokane WA were $197.389 and $172,500.  This is in comparison to March's average and median prices of $200,229 and $176,200 respectively.  Thus on a month to month basis the average price was down $ 2,890 per unit, a 1.44% decrease, while the median price was down $3,700 per unit a 2.09% decrease.  On a year to date basis through April the Spokane WA average price is $199,048 and the Spokane WA median price is $174,735.   As compared to the first four months of 2008 the average price is down $1,909 per unit, a .94% decrease while the median price is down $5,215 per unit a 2.89% decrease.

Spokane WA real estate inventory for the month of April stood at 2,997 units, which is up 310 units as compared to March 2009. This increase represents a 11.53% increase month to month.   As compared to April 2008 inventory of 3,218 units we are down 6.86% which equates to 221 units.  This is now the fifth consecutive month in a row where inventory is less then inventory the same month a year ago. 

During April we saw a leveling off of closed and pending units sales, similar to the results we saw in March. Thus our Spokane WA real estate market absorption rate   came in at 12.88%.  While still a resonable absorption rate it represents an 11.26% decrease from March's absorption rate of 14.52%. The good news is this in now the third month in a row where our Spokane WA absorption rate has been in double digits. This  decrease in our absorption rate resulted in Spokane WA months of inventory on the market during April to move higher up to 7.76 months.  This is an increase of 12.63% compared to March's months of inventory available of 6.89 months.   Thus at the current absorption rate of 12.88% and assuming no new listings come on the market, it would take us 7.76 months to sell the current inventory of 2,997 units.

While April saw a leveling off from the great activity in March, we continue to see good activity in specific price ranges and areas of Spokane. Enclosed is the Spokane WA April Price Breakdown and Market Analysis which will provide further analysis and activity for various price ranges and area's of Spokane.  

Commentary

The influx of first time home buyers is starting to assist those home owners who are looking to "move up" or down size and more and more people are selling one home and purchasing another. Understanding how to best take advantage of the current market condition is crucial to your real estate success. If you or anyone you know has questions or needs assistance with their real estate endeavors it would be our pleasure to assist.  Remember here at the Spokane Real Estate Advisor our primary goal is to educate, serve and provide value to you my clients.  I look forward to earning your trust, respect and business and turning this wild Spring into a Hot summer!

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