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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 Sept 2010, there are
4,953
site built homes on the market in the
Spokane MLS (this is everything in the MLS not just Spokane County). Only
419 homes sold in
Aug. Of
those homes active on the market there are
609 (78
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
305 homes (98
on acreage). Between $400,000 to $500,000 there are
175 homes (83
on acreage). Between $500,000 to $1,000,000 there are
199 homes (115 on acreage). Over $1,000,000 there are
35 homes (26 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 1 acre.
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344 closings in Aug represents
3,453 of the homes for sale in Jun 10 & Jul 10. During
Jun &
Jul if a home was on the market it had a 9.9% chance of selling.
There was a 90.1% 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)
16 more homes closed in Feb 10 compared to Feb 09 (210 - 194 = 16)
77 more home closed in Mar 10 compared to Mar 09 (403 - 326 = 77)
175 more homes sold in Apr 10 compared to Apr 09 (505 - 329 = 175)
129 more homes sold in May 10 compared to May 09 (519 - 390 = 129)
6 more homes sold in Jun 10 compared to Jun 09 (506 - 500 = 6)
190 fewer homes sold in Jul 10 compared to Jul 09 (537 - 347 = 190)
144 fewer homes sold in Aug 10 compared to Aug 09 (488 - 344 = 144)
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Depreciation for the last 12 months (Jul 09
to Jul 10) -
-4.9
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%
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Half sell above this price and half sell below.
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There
were 3,509 active listings in Aug 10. This is only residential site
built homes and condominiums on less than 1 acre in Spokane County.
347 homes closed in Aug 10. At
that rate and if no other homes come on the market (which is very
unlikely) there is a 10.1 month inventory.
3,509 homes on the market is the most ever!!!!
There were 298 more homes on the market in Jan
10 than
in Jan 09.
There were 327 more homes on the market in Feb 10 than in Feb
09.
There were 648 more homes on the market in
Mar 10 than in Mar
09.
There were 417 more homes on the market in
Apr 10 than in Apr
09.
There were 145 more homes on the market in May 10 than in May
09.
There were 111 more homes on the market in Jun 10 than in Jun
09.
There were 88 more homes on the market in Jul 10 than in Jul
09.
There were 42 more homes on the market in Aug 10 than in Aug 09.
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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, in the MLS, etc.) the greater your chances are of
selling your home in today's competitive market.
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