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

Despite a wet and soggy April the Spokane real estate market continues to show steady and consistent activity and progess . . .

Market Activity

April 2011 Activity  as reported by the Spokane Association of Realtors reported closed sales of 332 units during the month, which is up 25 units from closed sales as reported in the  March 2011 Market Activity results.  This increase of 25 units represents a 8.1% increase in units sold as compared to March 2011.  In comparison to April 2010 which reported closed sales of 507 units the market is down 175 units which equates to a 34.5% decrease this year vs. last year.  On a year to date basis closed units are down 21.8% compared to year to date last year.

During the month of April 2011, pending sales reported was 351 units, which is up 15 units as compared to March's 2011 pending sales of 336 units, this equates to a 4.5% increase from month to month.  In comparison to April 2010, which reported pending sales of 502 units pending sales are down 30.1% this month as compared to this month last year. 

During the month of  April 2011 the average & median sale prices in Spokane County  were $166,868 and $153,157 respectively.  This is in comparison to March's average and median sales prices of $162,187 and $154,000 respectively.  In comparison to April 2010, where the average price was $179,907 and the median price was $163,000, the average is down 7.2% with the median being down 6% respectively. 

Spokane Inventory  for the month of April 2011 stood at 2,874 units, which is up 136 units as compared to March 2011, this represents a 5% increase.  Compared to April 2010 where inventory stood at 3,414 we are down 540 units compared to this time last year, which equates to a 15.8% decrease.  Historically the Spokane Market Inventory Levels tend to increase during the Spring season and despite a slow start to the year we are starting to see this upward trend.  Interesting to note that inventory levels are well below 2010's levels and seem to be more in line with 2009's inventory levels.  

In April, the Spokane Market Absorption Rate  was the second month in a row where we saw a double digit absorption rate.  April's rate of  12.21% was only down .45% as compared to March's absorption rate of 12.27%   During April 2011, our Spokane Months of Inventory on the market stood at 8.19 months, as compared to March 2011 month's of inventory of 8.15.  Examining the  Spokane Inventory Supply Analysis we see that April continues the streak (now 2 months) where months of inventory was less than 9 months. 

Commentary

In April closed sales were only up 8.1% as compared to March's results (see Spokane Market Closed Sales Trend ). We also saw a flattening of the trend as opposed to the increase we would like to see.  Looking at the Spokane Market Pending Sales Trend pending sales for April were only up 4.5% as compared to March pending units and we are tracking below both 2010 and 2009 results.  With Easter being later than usual, Mothers Day, Graduations and a wet and soggy Spring it will be interesting to see if an overcome this sluggish start to the Spring selling season.  

While closed and pending units did not see a big spike in April the fact that inventory levels did not rise too fast we were still able to achieve a double digit absorption rate and keep months of inventory below the 9 month level.  Looking at the  Interest Rate Trend  we see that the 30 year mortgage rate continues to be below 5% which should result in continued buyer activity in the market.

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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