Spokane Real Estate - Windermere Real Estate Spokane Valley and Liberty Lake
Windermere Real Estate/Valley, Inc.
Spokane Market August Data
Posted on September 5, 2008
August numbers are in. August, as is typical, showed slower closed sales. Our monthly average for closed sales for the year in Spokane is 431. Home prices are holding stable ( down only 1.8% from a year ago ) and inventory continues to be healthy.
News Flash! With the US Government taking control of Fannie Mae and Freddie Mac we may see a drop in long term interest rates. I've already heard from several Mortgage Lenders who are anxious to get the word out. With this announcement, pricing is very good today on home loans. If you are a buyer you should contact your lender for an update on pricing and you may be able to lock a new rate before you head to closing!
If you are coming into the market as a buyer your timing is fantastic! Let's get out there and buy some homes before the snow flies on Spokane!
Here are the numbers for August!
August closed residential sales totaled 473. This total is down from 586 closed sales reported last month and down from 708 closed sales in August 2007. The average sales price for August was $203,493 and the median price was $185,000.
Year to date sales continue to lag behind last year. Through August closed sales total 3,454. The average sales price through August is $208,300 down 1.8% from one year ago. The median sales price of closed sales through August is $185,500 compared to $186,000 over the same period last year.
Inventory as of this report is up slightly from last month. Compared to last year the inventory is up approximately 7%
Sales of newly constructed homes totaled 74 in August up one from the 73 closed sales in July.
Spokane Association of Realtors ~ Residential Site Built and Condos in Spokane County
Windermere Real Estate/Valley, Inc.
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