The Spokane Real Estate Blog

Featured Listings

Unique And Rare Opportunity Rare Opportunity to secure a 1 acre lot in South View Estates. Located in a development of only 16 homes, complete with all services at the property line, this is your chance to build that dream home. ...


Read more...

A Rancher We All Dream About A Rancher We All Dream About! ...


Read more...

Peace & Quiet Enjoy the peace and quiet of Morgan Acres with over a ½ acre of elbowroom. Built in the 1930’s this charming Bungalow has all the amenities of today. ...


Read more...
Home Home Spokane Blog Spokane WA Real Estate Market Update March 2011
Spokane WA Real Estate Market Update March 2011 Print E-mail

Spokane Real Estate Market results for the first quarter of 2011 are in the books!

Market Activity

March 2011 Activity  as reported by the Spokane Association of Realtors reported closed sales of 307 units during the month, which is up 117 units from closed sales as reported in the February 2011 Market Activity results.  This increase of 117 units represents a 61.6% increase in units sold as compared to February 2011.  In comparison to March 2010 which reported closed sales of 403 units the market is down 96 units which equates to a 23.8% decrease this year vs. last year.  On a year to date basis closed units are down 13.7% compared to year to date last year.

During the month of March 2011, pending sales reported was 336 units, which is up 79 units as compared to February's 2011 pending sales of 257 units, this equates to a 30.7% increase from month to month.  In comparison to March 2010, which reported pending sales of 482 units pending sales are down 30.3% on a year vs. year basis.

During the month of  March 2011 the average & median sale prices in Spokane County  were $162,187 and $154,000 respectively.  This is in comparison to February's average and median sales prices of $166,418 and $150,000 respectively.  In comparison to March 2010, where the average price was $182,234 and the median price was $160,000, the average is down 11% with the median being down 3.8% respectively. 

Spokane Inventory  for the month of March 2011 stood at 2,738 units, which is up 75 units as compared to February 2011, this represents a 2.8% increase.  Compared to March 2010 where inventory stood at 3,335 we are down 597 units compared to this time last year, which equates to a 17.9% 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 March, the Spokane Market Absorption Rate  saw a significant increase to 12.27% from 9.65% in February.  This represents a 27.16% increase month to month.  During March 2011, our Spokane Months of Inventory on the market stood at 8.15 months, as compared to February 2011 month's of inventory of 10.36.  This is the first time since October 2010 where the absorption rate reached double digits and month's of inventory was in single digits.  Examining the  Spokane Inventory Supply Analysis we see that March has broken the 9 month trend where months of inventory was greater then 9. 

Commentary

In March closed sales were up over 61.6% from February's results (see Spokane Market Closed Sales Trend ). In addition, the steepness of the trend also increased .  Looking at the Spokane Market Pending Sales Trend pending sales for March were up 30.7% compared to February's results,  however we continue to be below both the 2009 and 2010 trend lines.    

Despite being behind the pace of 2010 and 2009, March did exhibit a significant increase in the absorption rate and a decrease in months of inventory.  This is a result of lower inventory levels and good activity as Spring continues to bloom.  In March we saw a break in the  Interest Rate Trend  with our first decrease in 4 months, which may also have contributed to the good 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.

Comments (207)Add Comment

Write comment

busy
 

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                      
Email

Let's Stay Connected

Newsletter Sign Up

Sign Up for the Spokane Real Estate Advisor Marketing Updates!

Loan Calculator

How much will it cost? Do a quick check.
Loan Amount:
$
Interest Rate:
   %pa
Term of Loan:
   Yrs


Monthly Repayments:
$

Polls

What is stopping you from either buying or selling a home?
 

Spokane Homes

How can I help you with your Spokane real estate needs?

Spokane Valley Homes

How can I help you with your Spokane Valley real estate needs?

Airway Heights Homes

How can I help you with your Airway Heights real estate needs?