Spokane Real Estate Market Update July 2008
Our Spokane real estate market according to the Spokane Association of Realtors
What the Spokane Association of Realtors says about Spokane Real Estate:
Closed residential sales reported in June are up 21% over May. There were 592 closed sales reported in June compared to 489 reported for May. The average sales price for June was $216,454 compared to $206,284 for last month. The median price for June was $193,000 compared to $183,000 for May.
Again, here is what the MLS data tells us….
When we look at the Spokane MLS Real Estate statistics, what are we really looking at?
Everything. Every property type. Every city within the MLS. Which is why I don’t like using the MLS stats. Nothing wrong with outside communities or property types, but I want to know about, analyze and discuss Spokane houses.
Spokane Real Estate Video Blog #04
Aaron Mallo video blogs about his opinion of the Spokane real estate market for July 2008.
See Also: Spokane Real Estate Video Blog list for all the Aaron Mallo Spokane Real Estate Video Blogs.
Read also: Spokane Real Estate statistics explanation
So, let’s look at Spokane houses (a subset of the Spokane Real Estate MLS data), as of July 9th, 2008:
(The footnote states: Includes sales data from Spokane, Spokane Valley, Millwood, Veradale, Liberty Lake, Medical Lake & Airway Heights on Single Family Houses on <= 1 acre.)
Trends
Homes in Spokane still sell at a healthy clip, 510 homes sales last month. Compared to a year ago, June 2007, we are down 167 homes sold for the month (677 homes sold in June 2007). Spokane homes for sale inventory is up just a hair, to 2633 available Spokane homes for sale from last month’s 2,575 Spokane homes for sale.
See Also: Is now a good time to buy a Spokane home?
Our number of pending properties is only off by 7 homes pending, 640 now compared to 647 homes pending 30 days ago. Given the increased inventory but similar pending numbers, our total market absoprtion rate ticked 2/10ths of a month higher to 5.1 months. Given the number of pendings, I would expect homes sold in July to be similar to June.
As you can see from the “month’s supply” number, whether we are in a “buyer’s market”, a “seller’s market” or a “balanced market” really depends on the price range we’re discussing.
Lets look in the middle
61.0% of house sales in Spokane occur between $125k and $250k. Active lisitngs (those not yet sold) range from $60,000 - $2.6 million, but the bulk of what buyers purchase sells in the range of $125k - $250k. With 4.9 months supply of homes it is still a seller’s market, and the good homes priced well sell.
Regards,
Aaron
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