Spokane Real Estate Market Update June 2008
Our Spokane real estate market according to the Spokane Association of Realtors
What the Spokane Association of Realtors says about Spokane Real Estate:
There were 489 sales reported in May compared to 441 reported in April. The average sales price was up 1.3% from April. May’s average sales price was $206,284 while the median sales price was $183,000.”
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. Generally, when we discuss the Spokane real estate market, I want to know about single-family homes in and around Spokane, not in Colville, Spangle, etc. Not condos. Not 120 acre parcels. Nothing wrong with these communities or property types, but I want to know about, analyze and discuss Spokane houses.
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 June 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
No real suprises here. Our number of homes sold increased very slightly compared to last month, and given the market’s number of pendings, I wouldn’t expect a large increase or large drop in sales figures for next month.
Comparing May to April, there are 106 more homes for sale in the Spokane area (2,575 vs. 2,469). A closer look reveals the bulk of this additional inventory is priced on the high side of market average, between $225k - $400k. Looking at inventory in the more competitive $125k - $225k price range, we virtually mirror where we were a month ago.
Our number of pending properties is virtually identical to 30 days ago, 654 pendings now vs. 647 pendings last month. Given the increased inventory but similar pending numbers, our total market absoprtion rate ticked 1/10 of a month higher to 4.9 months.
Lets look in the middle
61.9% of house sales in Spokane occur between $125k and $250k. Active lisitngs (those not yet sold) range from $49,900 - $2.6 million, but the bulk of what buyers purchase sells in the range of $125k - $250k. With 4.6 months supply of homes it is still a seller’s market, and the good homes priced well sell.
Regards,
Aaron
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