Spokane Real Estate - Windermere Real Estate Spokane Valley and Liberty Lake
Windermere Real Estate/Valley, Inc.
Market Data - Number of Homes Sold Per Day in Spokane
Posted on October 8, 2008
WOW...what a bizarre few weeks. Banks failing, Government intervening, a stock market roller coaster ride, a rate cut by the World Central Banks, credit being squeezed, spending confidence lost by consumers, and oh yeah, is this an election year too? Whew!
But, despite all that, homes are selling in Spokane! In fact there were 465 homes sold in Spokane in September. These are just residential site built homes and condos on less than an acre. In counting all residential sales the number is actually 613 with an average sales price of $203,454 and median price of $175,000. Here is some perspective, that is 15.5 residential site built/condo homes sold per day and 20.4 total homes sold per day in September. NOT TOO BAD! Most people, when asked how many homes they think are selling per day in Spokane have told me 3 or 5 or 6.
What about this notion that you "can't get a mortgage". I ran into a past client of mine at Fred Meyer the other day and was disappointed to hear all of his misconceptions about financing options available right now. If you "can't get a mortgage" how did we sell 20.4 homes per day in September??
If you are considering buying TALK TO A REPUTABLE LENDER. Don't just assume you can't qualify for a home loan. The media makes it appear that it would be impossible for you to get a home loan. Not True. Lending guidelines have changed....but banks are still lending!
Hmmmmm, the report below also states that for the first time this year inventory is down. Uh-Oh...for those buyers who are "waiting" your choices are swiftly going bye bye. According to the National Association of Realtors "The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4"
Here are the numbers from the Spokane Association of Realtors.
Residential sales for residential site built/condo on less than one acre totaled 465 sales in September. This total is down eight sales from August and down 97 sales from September 2007. The average sales price for September was $201,372 and the median price was $174,900.
Year to date sales total 3,920 sales through the end of September compared to 5,446 through the same period last year. The averages sales price through September is $207,544 down 2.1% from one year ago. The median sales price through September is $185,000 compared to $186,000 over the same period last year.
For the first time this year inventory is down when compared to the previous months Market Activity. The inventory as of this report totaled 3,387 properties compared to 3,467 as of last months report.
New home sales reported to the SAR MLS totaled 78 for September up four from the total reported for August.
So the bottom line is this... yes, it is slower ~ no, Spokane is not experiencing a blood bath on dropping prices ~ we don't know what will happen with rates ~ inventory is dropping ~ our Government and the World Banks are working 24 - 7 to stabilize the financial markets ~ the election is almost over ~ homes are selling in Spokane ~ gas prices are coming down ~ and chicken little may just have to go back inside. Talk to your agent and talk to your lender. If you need help finding either...e mail me and I can recommend qualified professionals to you.
Windermere Real Estate/Valley, Inc.
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