Market UPdate – August 2012

Happy August All!

As the summer days wind down, real estate agents reflect on the market (ok, we always reflect on the market …) 

Nevertheless, July was definitely slower than June, but I'm pretty sure it's because we finally got some decent summer weather.  🙂  The numbers are already picking back up again as we push through August, get ready for school, and sneak in a last few days of vacation fun.

To sum it up:

Average sales prices are continuing to better last year's; particularly homes under the $200,000 mark.  These properties have even seen some increase in value.  Surprise! 

Does this spell recovery?  It may be too soon to tell, but let's take all the positives we can get…

More good news, higher end homes are continuing to pick up in sales numbers and holding steadier in their pricing.  Stability!   That is a very nice feeling for a whole lot of people out there.  We have even welcomed lower than ever interest rates, and more closed sales in lots and land.  This is probably due, in part, to the decrease in inventory that has persisted the past nine months (see the Active Listings chart below.)

Lender owned properties and short sale numbers have crept up again, but their sales have dropped slightly.  It's challenging to get some of these deals to come together, but it's a necessary evil we all simply have to hunker down and tackle.  We're also still seeing their effect in appraisals on straight sales… But, with patience, persistence, and a lot of good solid communication, we are getting these closed, too.

Overall, for Spokane County:

-Our total active number of listings are down:  -11%.

-Our number of closed sales YTD is up:  +11%

-Our average sales prices are up:  +1%

If you'd like this info in a .pdf, here you go:     July 2012 Market Statistics

It's still a fantastic buyers' market out there, and now it's even better because sellers are starting to gain some sales worth smiling about, too!

All my best,

Becky