Spokane Area Home Sales Data :

Last Updated May 13th, 2008

Sales of existing homes fell by more than thirty one percent in Spokane County in the last quarter of 2007 over the year ago period. Despite this huge drop in sales of existing homes, the average price of these homes was up almost eight percent to $194,200!

For the first quarter of 2008, sales of existing homes fell by thirty two percent over the year ago figures. Median sales price was still up, but not as much as the prior quarter over quarter numbers. Median sales price was $186,800 in Spokane County, 2.7% higher than the year ago first quarter.

Average prices in Whitman county rose an amazing 19.2% over the prior year to $211,100, continuing strong price gains from the fourth quarter numbers as well. In Adams county the median price was $106,000. This county had the lowest median sales price and units sold fell forty-eight percent over the first quarter sales of 2007.

This "thrashing about" of units sold to sale price is indicative of a market trying to find its bottom. Many real estate agents will admit that it is still a buyer's market, but that the buyers seem to be getting more interested and more serious. Something seems to be dancing about in the winds lately - and it may well be that buyers are now feeling a market bottom forming!

Data on Spokane Counties from the Coeur d'Alene MLS (properties within 75 miles of the Idaho border and listed in the CDA MLS) show a similar picture. Looking at residential units only we see a 27% increase in units sold year over year (YoY) but the average sales price was down five percent.

Days on Market for the first quarter of 2008 was up fifteen percent over the 1Q 2007 DOM for the units that sold to 132 days on market this year. Sale price for this year and last year were both 98% of list price! In other words if you didn't price your home within two percent of its market value then it had little chance of selling!

The elongation of the days on market figure coupled with a mixed price to units sold picture again suggests a market trying to find its feet. Keep in mind that this article deals with Washington County home sales.

Graphs

Data obtained from the Washington Center for Real Estate Research, the Coeur d'Alene Association of Realtors and is believed to be accurate but is not guaranteed. Some information reflected in this report may be forward looking statements which are only an opinion and may not reflect the overall opinion of Tomlinson North Idaho - Sotheby's International Realty.

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