The past two months have certainly flown by, and I'm happy to report that I fell behind in my Market UPdates simply because I was out helping people buy and sell homes. What a wonderful feeling!
You may have noticed, the market in and around Spokane has stabilized considerably. We have fewer homes listed, more sales (even up in the higher end homes), and land is selling again, too. Though homes priced above $175,000 are staying steady, those below have actually been seeing some price increases. That's a lot sooner than we expected, and a good thing for all those sellers out there. To make the pot even sweeter, interest rates actually dropped even further! We've been down in the 3.6-3.7% range for several weeks now.
This is unarguably the best our market has been in the past 2+ years. No, we're not out of the woods. We still have a whole lot of foreclosures and short sales to contend with and, yes, financing can be tricky, but overall we needed some "natural" positives and I believe we've gotten them. No gimmicks or tax credits, just honest Americans making their dreams happen!
If you like to see the graphs and numbers, here are some statistics and charts for you on the Spokane Market for June 2012: