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Home Spokane Blog Spokane WA Real Estate Market Update October 2010
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Well after a disappointing September, the October 2010 Spokane Real Estate Market results provide a ray of hope... Market ActivityOctober 2010 Activity as reported by the Spokane Association of Realtors resulted in closed sales of 304 units during the month, which is down 13 units from closed sales as reported in September 2010 Market Activity . This decrease of 13 units represents a 4.1% decrease in units sold as compared to September 2010. In comparison to October 2009 which reported closed sales of 509 units the market is down 205 units which equates to a 40.3% decrease this year vs. last year. October now becomes the FOURTH month in a row where closed residential sales were less then sales during the same month a year ago. During the month of October 2010 pending sales reported was 328 units, which is UP 62 units as compared to September's 2010 pending sales of 266 units, this equates to a 23.3% increase from month to month. This increase in pending sales comes as a nice surprise after the September results. In comparison to October 2009, which reported pending sales of 481 units the market is down 153 units, a 31.8% decrease this year vs. last year. During the month of October 2010 the average & median sale prices in Spokane County were $189,541 and $166,250 respectively. This is in comparison to September's average and median sales prices of $182,264 and $162,000 respectively. Thus, we saw both an increase in pending sales and in increase in both average and median price during the month. In comparison to October 2009 the average price is up 6.9% while the median price is flat. We continue to see the average and median price points in Spokane hold their value despite the less then stellar volume and activity. Spokane Inventory for the month of October 2010 stood at 3,179 units, which is down 265 units as compared to September 2010. Compared to October 2009 where inventory stood at 3,143, we are up 36 units compared to this time last year, this is a 1.1% 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 finish 2010. This downward trend is what we have been predicting. In October, our Spokane Market Absorption Rate increased from 7.72% in September to the current rate of 10.32%. This 33.39% increase in absorption rate was directly related to the significant increase in the number of pending sales during October. During October 2010, our Spokane Months of Inventory on the market stood at 9.69 months, which is a 25.14% decrease from September's 12.95 months of inventory. Therefore, while still above the levels that are favorable for sellers, as you can see in the Spokane Inventory Supply Analysis we did see some improvement during October. It will be interesting to see if this increase in absorption rate can be sustained over the next few months. Average and Median prices showed improvement during the month of October. As the Spokane Market Breakdown and Price Analysis shows both the Valley and the North areas of Spokane exhibited the most strength, with good absorption rates in the 350K to 399K range. CommentaryIt looks as though October was a bright spot compared to the disappointing September results. Closed sales continued on their downward trend, however pending sales showed some strength and perhaps with the slight improvement in the economy we may finish the year on a positive note. Looking at the Spokane Market Pending Sales Trend we see that the downward trend in pending sales (since April) continues yet October maybe reason for hope. 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 (72)
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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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