MARKET OVERVIEW
FOR THE MONTH OF AUGUST 2010 *
RESIDENTIONAL SITE BUILT & CONDOS (on less than 1 acre)
This Previous Percent Previous Percent This Year Previous Year Percent
Month Month Change Year Change To Date To Date Change
Closed Sales 344 347 – 494 -30.4% 3,010 2,895 +3.9%
Average Price $191,174 $191,074 – $189,326 +1.0% $183,696 $193,231 -4.9%
Median Price $170,000 $170,000 – - +1.0% $165,000 $173,900 -5.1%
Pending Sales 354 321 +10.3% 463 -23.5% 3,036 3,126 -2.9%
New Listings 887 897 -1.1% 891 - 7,491 7,026 +6.6%
Active Inventory 3,509 3,500 – 3,466 +1.2% N/A N/A N/A
RESIDENTIAL RESALE (Excludes Condos and New Construction)
Closed Sales 280 266 +5.3% 441 -36.5% 2,502 2,446 +2.3%
Average Price $188,949 $187,261 +1.4% $183,800 +12.8% $179,536 $182,696 -1.7%
Median Price $169,945 $162,309 +4.7% $168,000 +1.2% $160,000 $165,000 -3.0%
RESIDENTIAL/SITE BUILT ON 1-5 ACRES
Closed Sales 34 22 +54.5% 21 +61.9% 190 151 +25.8%
Average Price $410,329 $260,404 +57.6% $273,042 +50.3% $298,444 $303,399 -1.6%
Median Price $329,750 $245,250 +34.5% $260,500 +26.6% $250,000 $269,000 -7.1%
RESIDENTIAL/SITE BUILT NEW CONSTRUCTION
Closed Sales 45 64 -29.7% 44 +2.3% 376 350 +7.4%
Average Price $223,549 $215,635 +3.7% $249,391 -10.4% $226,136 $272,800 -17.1%
Median Price $200,000 $192,943 +3.7% $224,086 -10.7% $199,990 $229,841 -13.0%
Looking at our largest percentage of sales in the Residential Resale at first glance you might think that August wasn’t really that great of of month compared to last year, until you look at the YTD which shows we up actually up 2.3% in sales over last year. Buyers take note that even though our YTD Average Sales Price is around $3,000 less than last year, the month of August is over $6,000 higher. This should be a bit of a pick me up for our Sellers. So you have to ask your self ‘Have we seen the bottom?’
The YTD trend for the Residential Resale homes reflected in the Median Price continues to reflect the fact that our higher priced homes aren’t selling at the same percentage as our Average priced homes.
* Report Data collected from Spokane Association of Realtors®