So, I’ve been blogging about our little real estate market here inSpokaneand folks, I gotta tell ya, the news is good! Sales are up and inventory is falling – a classic shift in supply and demand principles that indicate recovery is on the way. Here’s what the Spokane Association of Realtors report for the end of February:
Residential closed sales (residential site built on less than one acre and condo) continue to outpace last year. In February 269 sales were reported. This number is up 63 sales over January amounting to a 30.6% increase. Compared to February last year sales are up 79 or 41.6%. The average sales price was $155,679 for February virtually the same as January. The median sales price for February was $144,900 again very similar to January. Compared to February one year ago the average price is down 6.5% while the median price is down 3.4%. Year to date sales are up 27%. The number of sales through February this year total 475 compared to 374 over the same time last year. The average and median sales price through February are down 9.7% and 5% respectively. What the industry terms distressed sales (short sales and REO sales) are significantly impacting prices and will continue to impact the average and median price going forward. Inventory compared to last month dropped 17.9% and compared to last year at this time inventory is down 10.8%. New home construction sales are down 17.9% so far this year but prices seem to be stabilizing.
Although the average sales price is still falling (darn those distressed properties), other indicators are very positive. I am so excited to see what the year brings us! I believe we are on the path to recovery. I know that I have been busier so far this year than I have for a few years and I am so thankful for the business I have right now.
On a personal note, I enjoyed another great weekend with a little work showing clients a few houses, and a lot of family time – watching the GU game, baking cookies with Emerson, playing Wii Mario Brothers with Cole (I’m actually getting pretty good if I do say so myself!), movies and relaxation time, a classic St. Patty’s day dinner at our house with the whole family last night all capped off by a rousing game of Diary of a Wimpy Kid Cheese Touch game. It’s a riot especially when half the players are under the age of 10. Once again, I feel so blessed to have such a rich and wonderful life!
Have a great week everyone!