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Posts tagged: Glenn Crellin

UW housing study shows single family homes are selling statewide

A week ago we tossed out some numbers on how the Spokane housing market is gaining steam. Notably, median sales of homes sold in Spokane County were at $170,000, the best since July 2010.

If you want a statewide perspective, we just found what you're looking for, the UW Runstad Center's overview of housing in Washington state.

That center collects data and slices it all sorts of ways. Here's how they look at Spokane County for the second quarter of 2012: 

                                                                    Spokane County

Single FH sales  % vs last quarter %     Vs. last year %

 5,860                 -15.9%                       6.7%       

Bldg permits   Median resale % change  H. Afford Index 

333 -20.1%    $168,100            4.1%              204.8                  

Sales, median home prices and affordability data for each of Washington's 39 counties are available at the Runstad Center's website.

The second quarter median sales price here is for existing homes and doesn't include new homes, which are typically selling higher than $170,000 in Spokane County.

The UW center takeaway: “The market is clearly stronger than a year ago, but it eased off a bit compared with the pace we saw in the first quarter,” said Glenn Crellin, associate director of the center. “We always see actual sales numbers increase between the first and second quarter, but this year that increase was less than typical

Washington state sees same housing trend: more home sales, falling prices

A week ago we ran out some numbers on the increasing number of home sales in Spokane County. The trend here is an increase number of sales, especially over the final six months of 2011 and continuing in January.

But average and median home sales continued to fall, compared with one year earlier. The reason, as stated by Rob Higgins of the Spokane Association of Realtors, is the large supply of distressed properties still being moved off the market.

So we will here offer a statewide view: Washington’s housing market in the final quarter of 2011 saw the highest seasonally-adjusted sales since the second quarter of 2010, according to the Runstad Center for Real Estate Studies at the University of Washington.

Sales strength reflected bargain hunting as well as the persistently large number of distressed properties being sold in lower-priced neighborhoods, said Glenn Crellin, associate director of the Runstad Center.

Statewide the seasonally adjusted sales rate during the quarter was 91,080 homes, meaning that if the relative sales rate for the quarter were continued for a year, that number of homes would be sold. The rate is 6 percent above the prior quarter and 9.6 percent higher than the closing quarter of 2010, when tax credit programs to stimulate housing demand were ending.

Just like in Spokane, statewide sales prices continued dropping. Median home prices continued to reflect the weak economy, Crellin said. The statewide median home price was $219,700, the lowest fourth-quarter price since 2003 when the median was $205,700.

That median home sale price declined 8 percent between the end of 2010 ($238,800) and the end of 2011.

Sales, median home prices and affordability data for each of Washington’s 39 counties are available at the Runstad website.

Washington home sales: good news and some definite bad news

Washington state home sales inched up 0.8 percent at seasonally adjusted annual rates from the first quarter of the year to 85,870 units, according to a report from the Washington Center for Real Estate Research, managed by Washington State University and its director, Glenn Crellin.
 
The increase is tied to stronger home sales in the third quarter, according to the report.
 
The 2011 cumulative sales figure is 21.7 percent above the year-ago rate, which Crellin said had been artificially depressed after the expiration of the home purchase tax credit.
 
The overall picture, he added, was that the state was more or less evenly split between counties reporting increasing activity and those reporting decreasing sales.
 
Nine urban counties, led by increases of more than 20 percent compared to the 2011 2Q,  saw improving sales.  The biggest quarter-to-quarter decline in urban sales was an 11.7 percent drop in Longview and Cowlitz County.
 
The 3Q median sales price statewide was $225,300, 9.5 percent below that of one year ago.
 
This is the largest median price decline since a 13.7 percent drop in 1Q of 2009. Prices have declined year-over-year for the last 15 quarters, with the statewide median now below the third quarter 2004 level – seven years ago.
 
Crellin must regard that unbroken string as fairly astonishing or depressing, because the original release ended that sentence with an exclamation mark!!

Absence of first-time buyer credit had huge impact on Washington home sales

Washington State University researchers have determined a housing trend that most of us could have predicted, that home sales in July through September this year skid to their year’s lowest point, reflecting the point right after the federal tax credit for first-time buyers expired.

This came by way of WSU’s Center for Real Estate Research, which looked at home sales in the third quarter for Washington’s 37 counties. It found:

Statewide sales declined 26.5 percent from the second quarter of the year to 70,550 units. It said that’s 20.2 percent below the rate from one year ago.

Glenn Crellin, WCRER director, noted only two counties saw increased sales rates compared to the second quarter, Jefferson and Adams. Only seven had increased sales from a year ago.

The areas showing increases were primarily in rural communities.

Among the urban counties, six of the 16 counties identified as metropolitan had declines of at least 35 percent compared to the second quarter, while only four urban counties reported declines of less than 20 percent. 

Spokane did not fare well, either. It had 4750 home sales, a 34.2 percent drop from the previous quarter and 30.6 percent below the same period of 2009. Its median resale price for a home was $181,000, done 5.6 percent from 2009.

The full third quarter data set is here

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