Well despite the fears about the economy, mid term elections, etc. August market results for the Spokane real estate market actually showed a little sign of life.   Take a moment to see how Spokane fared and please don't hesitate to contact me with any questions or concerns.

August 2010 Activity as reported by the Spokane Association of Realtors resulted in closed sales of  344 units during the month which is down 3 units from closed sales as reported in July 2010 Market Activity .  This decrease of 159  units represents a .86% decrease in units sold as compared to July 2010.  In comparison to August 2009 which reported closed sales of 494 units the market is down 150 units which equates to a 30.4% decrease this year vs. last year.  August is now the SECOND month in a row where closed residential sales were less then sales during the same month a year ago.

During the month of August 2010 pending sales reported was 354 units, which is UP 33 units as compared to July's 2010 pending sales of 321 units, this equates to a 10.3% increase from month to month.  This breaks the trend (which was at FOUR months) where on a month to month basis pending sales have decreased.  In comparison to August 2009 which reported pending sales of 463 units the market is down 109 units, a 23.5% decrease this year vs. last year.

During the month of August 2010 the average & median sale prices in Spokane County was $191,174 and the median sales price was $170,000.  This is in comparison to July's average and median sales prices of $191,074 and $170,000 respectively.  In comparison to August 2009 the  average price is up .97% while the median price is basically flat.  This continues a trend of price stability in the Spokane market.

Spokane Inventory for the month of August 2010 stood at 3,509 units, which is up 9 units as compared to July 2010. Compared to August 2009 where inventory stood at 3,466 units we are up 43 units compared to this time last year, this is a 1.2% increase.  As we can see from the historical trend Spokane Market Inventory Levels despite the lower trend in pending and closed sales over the last few months we continue to see inventory trending upward.  As we have discussed and seen in the past inventory will most likely peak in August/September and then start trending downward in the last quarter of the year.

In August our Spokane Market Absorption Rate increased from 9.17% in July to 10.09%.  This 10% increase in absorption rate was attributable to the increase in pending sales and only a slight increase in units available.  During August 2010 our Spokane Months of Inventory on the market stood at 9.91 months, which is a 9.09% decrease from July's 10.9 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 for sellers and the buyers are still in control of the market.

August breaks the FOUR month trend of decreasing absorption rates.  The increase in pending sales helped to move the absorption rate in an upward direction.  While prices continue to remain stable in August the Spokane Market Breakdown and Price Analysis shows single level absorption rates in all the major areas.  A nice surprise is the amount of double digit absorption rates in price ranges above 250K up to 375K in a few of the areas.  Perhaps the lower interest rates along with the high levels of inventory are bringing out the move up, second home and relocation buyers?

Commentary

Overall August was a pleasant surprise with an up tick in pending sales as well as absorption rates.  Looking at the Spokane Market Pending Sales trend we see that the downward trend has been reversed or at least temporarily slowed down.  Perhaps we have seen the bottom and now begin the slow road to recovery.  If so the rest of the fall season will be crucial to determining how we head into winter and begin 2011.

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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