Market Activity

February Activity as reported by the Spokane Association of Realtors reported closed sales of 194 units during the month which is up 79 units from closed sales as reported in January's Activity.  This increase of 79 units represents a 68.6% increase in units sold as compared to January 2009.  In comparison to February 2008 closed sales of 295 units we we are down 101 units which equates to a 34.2% decrease this year vs. last year.  During February 2009 pending sales reported were 269 units, which is up 92 units as compared to January 2009 pending sales of 177 units, this equates to a 51.9% increase from month to month.  In comparison to February 2008 pending sales of 370 units we are down 101 units, a 27.3% decrease year over year.  

During the month of February the average & median sales prices in Spokane WA was $197,016 and the median sales price was $171,654.  This is in comparison to January's average and median prices of $206,585 and $170,000 respectively.  Thus on a month to month basis the average price was down $9,569 per unit, a 4.6% decrease, while the median price was up $1,654per unit a .96% increase.  On a year to date basis through February the Spokane WA average price is $200,459 and the Spokane WA median price is $171,000.    

Spokane WA real estate inventory for the month stood at 2,626 units, which is up 96 units as compared to January 2009. This increase represents a 3.79% increase month to month.   As compared to February 2008 inventory of 2,778 units we are down 5.47% which equates to 152 units.  This is now the third consecutive month in a row where inventory this year is less then inventory the same month a year ago.  As we have discussed before the perception is that inventory is substantially higher then before however, as you can see perception is not always reality. 

During February the combination of the lower inventory levels along with an increase in both closed and pending units resulted in our Spokane WA real estate market absorption rate moving significantly higher to 10.24%. This is in comparison to January's absorption rate of 7.0%, this is over a 31% increase from month to month. In addition, this is the first time since October 2008 where our Spokane WA absorption rate has been in double digits. This increase in our absorption rate resulted in Spokane WA months of inventory on the market during February to stand at 9.76 months.  This is a decrease of over 31% compared to January's months of inventory available of 14.28 months.   Thus at the current absorption rate of 10.24% and assuming no new listings come on the market, it would take us 9.76 months to sell the current inventory of 2,626 units.

In February we began to see improvement in activity, sales and inventory levels. As typical this time of year we are approaching our Spring real estate cycle and from now until around July we typically see an improvement in the real estate market, lets hope that 2009 is no different then the past. Enclosed is the Spokane WA February Price Breakdown and Market Analysis which will provide further analysis and activity for various price ranges and area's of Spokane.  

Commentary

While 2009 got off to a slow start as we approach the Spring time-frame February has given us a glimpse of hope. We are seeing some pressure on average and median prices, while at the same time inventory, pending and sold units continue to show improvement.  While there is still uncertainty with the economy and the housing market understanding your options and being able to capitalize on the market situation is imperative to your success.

Here at the Spokane Real Estate Advisor our primary goal is to educate, serve and provide value to you my clients.  We would like to thank you for your support and business and look forward to our continued relationship and a prosperous 2009!

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