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CoreLogic, a company that puts out a branded real estate summary called RealtyTrac, just completed a summary of foreclosures for metros across the nation. Later we'll have more on that report and compare the differences between Spokane and North Idaho.
This chart provided via the CoreLogic website is a snapshot of sale prices for foreclosed homes in Spokane County over the last two full years, ending in December 2011. The extremely low prices in late December are skewed by the relative scarcity of home sales at that point.
The average price of a Spokane home sold in April increased from March but remained below the level of a year ago. The median price fell slightly.
On the 332 homes sold, the average price was $166,686, compared with $179,907 a year ago. The median was $163,000, compared with $153,157.
The average and median prices in March were $162,187 and $154,000, respectively.
Sales volume was significantly below that for April 2010, 332 compared with 507. A year ago, buyers were rushing to take advantage of an expiring tax credit for new home buyers.
Homes sales in Spokane County surged compared with February, but remained behind the level for March 2009, when a federal home buyer tax credit was available.
Buyers closed on 307 sales compared with 190 in February, according to the Spokane Association of Realtors. The average price was $162,187, down from $166,418 in February and $182,234 a year earlier.
The median price was $154,000, ahead of the $150,000 for February, but below the $160,000 of a year ago.
Sales and prices were down for the first quarter compared with the 2009 period, when the tax credit was stimulating sales.
So far, 681 homes have sold, a 14 percent drop from 2009, and average and median prices both declined.
The number of listings increased slightly over February, to 2,738, but fell significantly from the 3,335 of a year ago.
Spokane County home sales hit a seasonal low in January, but finished with slight increases in number and average price compared with a year ago.
The Spokane Association of Realtors reported 184 sales, up from 176 in January 2010. The average price was $178,903, compared with $175,382 last year.
The median price fell to $155,000 from $159,375.
Association President Rob Higgins noted this year's sales increased despite the expiration in April of a first time homebuyer tax credit that provided an $8,000 incentive for purchasers.
There were 2,676 homes on the market on Feb. 4, a one-year supply based on the 224 pending sales at the end of Janurary.
Home sales plunged 40 percent in October compared with the same month last year, when a federal income tax credit boosted sales.
The Spokane Association of Realtors reported 304 sales, down from 509 in October 2009, and 317 in September.
Average and median prices were up substantially, to $189,541 and $166,250, respectively.
The tax credits targeted at first-time home buyers tended to increase the sale of lower-priced homes. Originally scheduled to expire Nov. 1, 2009, they were extended through the end of April.
So far in 2010, 3,634 homes and condominiums have been sold, down six percent from the first 10 months of 2009.
There were 3,179 homes of sale as of Nov. 3.
Home sales in Spokane County last month fell to their lowest level since February, and pending sales were lower still, according to figures released today by the Spokane Association of Realtors.
Buyers took title to 317 residential properties, down almost eight percent from August and more than 28 percent from September 2009.
Only 266 sales were pending, down almost 25 percent from August and more than 42 percent from last September.
The low mark for 2010 sales is 210 in February, not surprising given that only 177 sales were pending in January.
The average price was $182,264, down from $191,174 in August, but up from $179,492 a year ago.
The median price was $162,000, off from $170,000 in August, but slightly ahead of the $160,000 a year earlier.
September’s numbers dragged year-to-date sales for the first nine months of 2010, at 3,330, below the 3,338 for the same 2009 period.
Spokane homes are the cheapest among major Northwest cities, according to the Center for Housing Policy.
Of the 208 cities surveyed, Spokane ranked 93rd during the 4th quarter of 2009, with a median home price of $159,000.
Seattle, ranked 20th nationally, was the most expensive city in the region, with a median price of $303,000.
Portland was 35th with a price of $230,000, and Boise, with the median at $163,000, was 87th.
The most expensive city was San Francisco, at $465,000. Wheeling, W.V., had the cheapest homes; median price $72,000.