Realtor helping clients who are Buying / Selling Real Estate in Eastern Washington & Northern Idaho. Licensed in Eastern Washington and Northern Idaho. I specialize in Luxury Homes, Residential Acreage, Farms, Ranches (horse & cattle), New Home Construction, Waterfront and Investment property.
Eastern Washington And
Northern Idaho... housing market?

        
 Always Providing Exceptional Service

Eastern Washington Housing Market

Today's market is a buyer's market. Just putting a property in the MLS, putting up a For Sale sign and putting it in the local newspaper once in a while will not sell your property in this type of market. As of 1 Mar 2010, there are 4,020 site built homes on the market in the Spokane MLS (this is everything in the MLS not just Spokane County). Only 450 homes sold in Feb. Of those homes active on the market there are 467 (57 on acreage) on the market between $200,000 to $300,000, that were 3+ bedrooms, 2+ bathrooms, 2+ car attached garage, basement and master bathroom. Between $300,000 to $400,000 there are 253 homes (77 on acreage). Between $400,000 to $500,000 there are 159 homes (55 on acreage). Between  $500,000 to $1,000,000 there are 186 homes (109 on acreage). Over $1,000,000 there are 36 homes (36 on acreage). These numbers don't count homes without a master bathroom, basement, attached garage, manufactured homes or condos. Your property needs to stand out  from the rest. It needs to appear where a buyer will see it. My marketing plan takes out the "luck factor" in selling your home. By putting it in the MLS, local newspaper and putting up a For Sale sign you are lucky if your home sells in this competitive market.

Number going up. Number going down.
The only number you want to see in the RED is the number of homes sold. All the rest you want to see in GREEN indicating the market is improving.

Below are MLS statistics based on all residential site built homes and condos in Spokane County on less than 1acre.

177 closings in Jan represents 2,765 of the homes for sale in Nov & Dec 09. During Nov & Dec if a home was on the market it had a 6.4% chance of selling. There was a 93.6% chance it didn't sell.  Closed Sales: 2005 - 8,373, 2006 - 7,792, 2007 - 6,935, 2008 - 4,911 & 2009 - 4,664
(This is the lowest number of closings since 1987/1988).  
246 fewer homes sold in 2009 compared to 2008.

62 more homes closed in Jan 10 compared to Jan 09 (177 - 115 = 62)

Depreciation for 2009 - -9.1%
Depreciation for 2008 - -2.6%
Appreciation for 2007 - +7.3%
Appreciation for 2006 - +14.3%
Appreciation for 2005 - +17.4%
Appreciation for 2004 - +9.5%
Appreciation for 2003 - +7.4%
Appreciation for 2002 - +2.5%
Appreciation for 2001 - +3.1%
Appreciation for 2000 - +.01%
Appreciation for 1999 - +3.0%

Half sell above this price and half sell below.

There were 2,828 active listings in Jan 10. This is only residential site built homes and condominiums on less than 1 acre in Spokane County. 177 homes closed in Jan 10. At that rate and if no other homes come on the market (which is very unlikely) there is a 16 month inventory.

Aug 2008 & Aug 09 had 3,467 & 3,466 homes on the market. That was the most ever!

There were 298 more homes on the market in Jan 10 than in Jan 09.

Notice we peaked in 2005 for the number of closed sales and have declined ever since. We have had record number of homes on the market but are selling at a much lower rate that we haven't seen since 1987/1988. The marketing/exposure of your home to potential buyers and agents is crucial to selling a home in today's Real Estate market. The more buyers and agents that see your home (on the Internet, in Real Estate magazines, o the MLS, etc.) the greater your chances are of selling your home in today's competitive market.
 

If you want to increase your chances of selling your home, go back to the last page. Click Here.

 

 

 

 

 

 

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