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

Market Activity

January 2011 Activity  as reported by the Spokane Association of Realtors reported closed sales of 184 units during the month, which is down 152 units from closed sales as reported in the December 2010 Market Activity  results.  This decrease of 152 units represents a 45.2% decrease in units sold as compared to December 2010.  In comparison to January 2010 which reported closed sales of 176 units the market is actually up 8 units which equates to a 4.5% increase this year vs. last year.  So compared to December 2010 it may look bleak however in actuality we are ahead of 2010's pace. 

During the month of January 2011, pending sales reported was 224 units, which is down 12 units as compared to December 2010's pending sales of 236 units, this equates to a 5.1% decrease from month to month.  In comparison to January 2010, which reported pending sales of 227  units the market is basically flat on a year vs. year basis.

During the month of  January 2011 the average & median sale prices in Spokane County were $178,903 and $155,000 respectively.  This is in comparison to December's average and median sales prices of $179,516 and $157,750 respectively.  In comparison to January 2010, where the average price was $178,382 and the median price was $259,375, the average is up 2% with the median being down 2.7% respectively.

Spokane Inventory  for the month of January 2011 stood at 2,676 units, which is up 83 units as compared to December 2010, which is a 3.2 increase. Compared to January 2010 where inventory stood at 2,828 we are down 152 units compared to this time last year, which equates to a 5.4% decrease.  Evident in the historical trend Spokane Market Inventory Levels inventory levels are exactly where we would predict them to be as we begin 2011.  Levels are below 2010, however above the starting levels of 2009.  From a historical perspective we now expect inventory to rise as we move into Spring.  

In January, our Spokane Market Absorption Rate   decreased from 9.1% in December to the current rate of 8.37%.  During January 2011, our Spokane Months of Inventory on the market stood at 11.95 months, as compared to December's 2010 months of inventory of 10.99.  As you can see in the Spokane Inventory Supply Analysis   January began the year as the 8th month in a row where months of inventory was over 9 months.

Commentary

January closed sales are starting off where we would expect, the tell tale sign will be how they progress during the year (see Spokane Market Closed Sales Trend).  Looking at the Spokane Market Pending Sales Trend pending sales for January finished at the same level as 2010 and above 2009 levels.

As we move forward into 2011 a significant factor on the health of the real estate market in addition to jobs and unemployment will be the impact of interest rates (see Interest Rate Trend) as the year unfolds.   The increase in interest rates may create a sense of urgency for buyers to take advantage of great prices, yet the increase also affects their buying power.  It will be interesting to see how high and fast rates increase and impact on buyers psyche and activity.

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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