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Home Home Spokane Blog Spokane WA Real Estate Market Update November 2010
Spokane WA Real Estate Market Update November 2010 Print E-mail

The November Spokane Real Estate Market results are in, looks like that glimmer of hope in October was just that only a glimmer..

Market Activity

November 2010 Activity as reported by the Spokane Association of Realtors resulted in closed sales of 279 units during the month, which is down 25 units from closed sales as reported in October 2010 Market Activity .  This decrease of 25 units represents an 8.2% decrease in units sold as compared to October 2010.  In comparison to November 2009 which reported closed sales of 474 units the market is down 195 units which equates to a 41.1% decrease this year vs. last year.  November now becomes the FIFTH month in a row where closed residential sales were less then sales during the same month a year ago.

During the month of November 2010 pending sales reported was 249 units, which is down 79 units as compared to October's 2010 pending sales of 328 units, this equates to a 24.1% decrease from month to month.  This decrease in pending sales comes reverses the trend of an increase in pending sales which we saw in the September results.  In comparison to November 2009, which reported pending sales of 334 units the market is down 85 units, a 25.4% decrease this year vs. last year.

During the month of November 2010 the average & median sale prices in Spokane County were $180,278 and $152,000 respectively.  This is in comparison to October's average and median sales prices of $189,541 and $166,250 respectively.  In direct contrast to September, this month we saw both a decrease in pending sales and the average and median sale prices.  In comparison to November 2009 the  average price is up 1,7% while the median price is down 5%.  So despite the significant decrease from September to October on a year vs. year comparison we continue to hold our value.

Spokane Inventory for the month of November 2010 stood at 2,950 units, which is down 229 units as compared to October 2010.  Compared to November 2009 where inventory stood at 2,923 we are up 27 units compared to this time last year, this is a .9% increase.  As we can see from the historical trend Spokane Market Inventory Levels inventory levels are exactly where we would predict them to be as we head towards to head of 2010.  This downward trend from August/September is typical of the market here in Spokane.

In November, our Spokane Market Absorption Rate decreased from 10.32% in October to the current rate of 8.44%.  This 18.19% decrease in absorption rate was directly related to the significant decrease in the number of pending sales during November.  During November 2010, our Spokane Months of Inventory on the market stood at 11.85 months, which is a 22.24% increase from October's 9.69 months of inventory.  As you can see in the Spokane Inventory Supply Analysis November reversed the improvement in months of inventory we saw in October.  Over the last 6 months we continue to alternate month to month from double digit months of inventory to single digit months of inventory and back.

Commentary

It looks as though November's results got us back to reality after the nice improvement we saw in October. The Spokane Market Closed Sales Trend continued it's downward trend since the high in June.  Looking at the Spokane Market Pending Sales Trend we see that the spike in October was cause for some optimism,  however we are now back on the downward trend in pending sales which began back in April.  So despite low interest rates and it being a buyers market, it looks as though the expiration of the tax credits in April had a dramatic affect on the real estate market here and elsewhere.

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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