Overall October was a great month. Residential single family sales were up 15.2% over September and up 15% over October 2008. Average sales
price for October was $177,072 while the median sales price was $164,900. According to the Spokane Association of Realtors.
There’s no doubt that the extension and expansion of the First Time Home Buyer Tax Credit will help stimulate winter sales. It’s a great time to be listed for sellers willing to hold tight through the winter. Inventory typically drops from September to December, and with Home Buyers given incentives to buy before April 30th, 2010, lower inventory means more listing traffic and ultimately more exposure. Click the graph below for full information on Active Listing / Inventory Trends.
2009 Closed sales took a sharp upward turn in October. I strongly believe this is due to the original deadline for the First Time Home Buyer Tax Credit ending November 1, 2009 (sales needed to be closed on or before 10/30/2009). Since that has been extended through 04/30/2009, home buyers and “move up & repeat buyers” can now take advantage of tax incentives through the winter. The graph below illustrates the closed sales for the current and two previous years. [Click to enlarge]
Overall the Spokane Real Estate outlook is great. Homes are selling, our inventory is declining and closed sales are rising. We’re all taking advantage of the incentives offered by the Administration. I look forward to a steady finish to 2009 and a great start to 2010!