Year-end Spokane Market Stats
The final numbers are in for 2008, and here is how we fared:
Total sales for 2008 were 4,911 compared to 6,935 in 2007. The average sales price for the year was $206,291 and the median price was $184,000. The average sales price is down 2.6% compared to last year while the median price was down less than one percent.
The inventory as of the end of 2008 stands at 2,488 listings compared to 2,553 one year ago. Sales of newly constructed homes ended the year at 804 sales compared to 1,245 in 2007. These numbers are tracked by the Spokane Association of Realtors, and reflect sales of residential properties on one acre or less in Spokane County.
Predictions for 2009 vary, depending on who you talk to. On the positive side, there seems to be quite a bit of pent-up demand from buyers who have stayed on the sidelines hoping prices would nose-dive. That has not happend, nor is it typical for Spokane. With interest rates ranging from 4.75-5.25%, (and the snow melting) we are certainly seeing activity pick up. And for the first time in several months the listing inventory is decreasing. However, the national credit crunch means home loans are more difficult to come by, so borrowers should expect a much higher level of scrutiny in order to meet lender standards.
If you are looking to buy or sell, give us a call and we can help you make it happen.