Overall closed sales for 2009 are down about 15% over 2008. The Spokane market reached our peak in July with 537 closed sales (down from 586 in ’08 and 719 in ’07 for the month of July). While we spent the first half of the year chasing 2008’s numbers, we’ve stayed within 5% since July giving hope that we’re on the rebound for a more table Real Estate Market.
One factor that may need consideration is Short Sales. As we know they’re not short and are very timely. There are a number of short sales in negotiation (not closed sales) that could bridge the 15% gap. Short Sales being a very current and very real market condition have cause some stress and anxiety for buyers and agents alike.
The graph below (courtesy of the Spokane Association of Realtors), compares the past three years in closed production on a monthly basis. [Click to enlarge.]