Spokane7
62°
April 9, 2010 in Business, City
Spokane home sales up 23 percent in first quarter
Realtors today reported a burst of home sales in Spokane County during the first three months of the year.
Residential sales of single-family homes and condos on less than an acre were up 23.2 percent over the first quarter of 2009, according to the Spokane Association of Realtors.
The group reported 790 closed sales during the January-March period, up from 641 a year ago.
The pickup in sales corresponds with a surge in interest among homebuyers taking advantage of a federal homebuyer tax credit. The popular tax credit, which expires April 30, has benefited millions of first-time and move-up buyers purchasing new homes.
Another reason for rising sales may be falling prices. The median price of Spokane County homes sold in the first quarter was nearly $160,000, which is $15,000 less than homes sold in the first three months of 2009. Realtors say first-time homebuyers are drawn to those prices.
The average sales price in the first quarter was $177,480, down from $200,125 in 2009.
More homes were listed for sale in the first quarter: 2,897 versus 2,138 in the first three months of 2009.
Disability insurance let woman focus on recovery after serious injury 
PhiltheBibliophil on April 09 at 1:35 p.m.
No need for the Tea Party! Happy days are here again!
misjustice on April 09 at 1:43 p.m.
Nothing like sipping a warm cup of tea in your new home, while enjoying your newhome buyer tax credit! Ahhhh….
On a more serious note, every improvement in the economy, no matter how incremental is encouraging!
west on April 09 at 2:02 p.m.
Great for buyers…disaster for sellers!
zelda on April 09 at 2:28 p.m.
Well, this is off of a low base, so keep it in perspective. And the tax credit expires April 30. I expect we’ll have a truer idea of how much things are or aren’t improving when the September home sales figures come out. A foreclosed home on my block recently sold for 50% of its original price after one year on the market. It started at $515,000 and sold for $256,500, which gives you an idea of how things are going in the non-starter-home part of the market. It wasn’t built or priced realistically to begin with, but that’s what got us into this mess. Anyway, I’m glad it finally sold. Somebody got a bargain and a happy place to call home.
wcpeabody on April 09 at 2:51 p.m.
Also remember there was several feet of snow on the ground last January!
Due to that I do not think you can really use it as a sign the economy is better.
Megan_B on April 09 at 3:49 p.m.
Just bought my first home, and the tax credit was a definite incentive!!
Keep in mind that it has not only helped home sales, but home improvement sales, furniture sales, moving equipment, etc., etc…
zelda on April 09 at 4:06 p.m.
Megan - Undoubtedly true. But the big questions are, “Will it last or will it stall again? Is the tax credit a merely a stimulant or a true stimulus?” Meanwhile, I’m waiting to exhale.
misjustice on April 09 at 4:27 p.m.
CONGRATULATIONS, Megan! I am soooo happy for you! Now, go have a nice cup of tea! I truly am happy for you! ; )
smarg on April 09 at 5:04 p.m.
Spokane houses are still ~$50-100K+ overpriced, due to seller greed left over from the housing bubble. When prices go down some more, we are buying!!!!
Another_Perspective on April 09 at 5:05 p.m.
So were these new home buyers who didnt have to offload a house or bottom fishers?
Stifle misjustice stifle.
misjustice on April 09 at 5:17 p.m.
Stuff it another_wrongperspective, else your little blogs will get yanked, again!
zelda on April 09 at 5:54 p.m.
Don’t know the circumstances re: the new owners. A lot of people are inspecting foreclosures and if they can wade through the title maze and there aren’t a bunch of liens, there are bargains to be had provided you have the money and a steady job. The house wasn’t in terrific shape, but it hadn’t been trashed either. Evidently the bank (Citi) was willing to deal in order to get a non-performing asset off its books.
Scoutster on April 09 at 6:53 p.m.
Beware of W shaped recessions/recoveries.
misjustice on April 09 at 7:36 p.m.
Yeah, there are many variables to consider in this glimmer of hope, but it is a glimmer; and combined with other spots of good news (such as higher stock market, lower jobs losses, and increased auto sales) it could point to a steady, incremental tilt towards recovery…time will tell. Compared to this time last year, this news is hopeful; sometimes that is all that we have… ; )
Dazzeetrader11 on June 04 at 11:14 p.m.
Megan…like living off the taxes of REAL taxpayers?