346 closed residential sales were reported in December2009 . This number is down from the 471 sales reported last month 0 but up significantly from December last year when 285 closed sales were reported.
The average sales price in December was $180,216 and the median sales price was $168,007.
Year end closed sales totaled 4,664 down 5% from 2008 when 4,910 closed sales were reported. Of note is that
halfway through 2009 closed were down nearly 23%.
The second half of 2009 sales picked up significantly.
Year end average sales price was $187,585 down 9.1% from 2008. The median price for 2009 was $169,00
down 8.2% compared to 2008.*
Inventory is down 10.8% from last month. Sales of newly constructed homes reported to the SARMLS totaled
561 compared to 804 reported in 2008, down 30.2% (from Spokane association of Realtor's)
My comments: So, SALES are down just 5% overall in Spokane from 2008, but that is not the same thing as home values, which look to be down an average of 7.2 %-9.1 %. This is variable because of area, when sold, condition and such. You can't generalize across the board, but I am sure some will.
The 8.2 % drop median home price is probably a pretty good overall picture of the Spokane Market, so we are much better shape than alot of other places!
It is obvious that the tax credit made an impact, and hopefully will continue to do so. I personally had very good sales in 2009 and I am geared up for 2010!
I will be posting more end of the year data as it becomes available.
Wondering what homes have sold recently in your area? Visit www.justsoldinspokane.com
BethAnn Long ~ Spokane Realtor- Coldwell Banker Tomlinson South Inc.
509-362-4607
...there's no place like your home!
BethAnn
Thanks for the market update, it's very helpful.
Good luck and success.
Lou Ludwig