2012 is proving to be the anchor year for the housing market.

September Housing Statistics:  Local Sales Activity indicates that we are emerging from the turbulence of recent years.  According to the Spokane Realtors Association:

“Sales of single family homes on less than one acre and condos totaled 455 for August. Sales for August are up 4.6% over July when the total sales were 435. The average sales price for August was $183,933 while the median sales price was $167,500. These numbers are down compared to July by 2.3% and 1.4% respectively. Year to date sales continue to outpace last year. Sales through August total 2,930 closed sales up 11.6% over the same period last year when 2,625 sales were reported. The average price through August is $174,371 up 2.5% compared to last year while the median price is $170,082 up 2.3%. Inventory continues to trend downward. Inventory as of this report stood at 2,834 homes on the market compared to 3,128 last year. The inventory is down 9.4%. New home sales for August totaled 46 compared to 39 for July. Year to date new homes sales total 291 compared to 323 last year, down 9.9%.”

As activity continues to anchor our market to firmer ground one of the important questions become; Will Sellers (Homeowners not in a distressed financial situation) begin to receive higher values ? ~ Especially important for those Homeowners wanting to refinance their current loan but have been unable to due to low appraisals.

The Short Answer is Yes.

The longer more detailed answer is worth consideration :

Home Values are a direct result of homes SOLD ~ meaning what a Buyer has recently PAID for a home.  An Appraiser is a 3 ^rd party (meaning, un-involved in the direct transaction and hired for an unbiased opinion) who utilizes market data to determine valuations. Their hands are directly-tied to market activity .  They are Not “Villains.”  They can not ~ make a Home appraise @ a particular price.  They can ONLY use the market data available to assist in the calculations.

Significant denominators are; Inventory supply and Buyers activity.  Recent market statistics indicate inventory is declining and surveys suggest Buyers are less reluctant and more optimistic about homeownership.  This trend should continue.  Government programs designed to help homeowners remain in their homes have been successful and should continue to help assist this sector of the market.  More good news will develop as financing programs are made available to Buyers.

Next on the Voice; Green Appraisals.

Thanks to a new industry-issued appraisal addendum, the odds have improved that homeowners who have installed energy-saving features will get the fairer market value they’re due.  We will look @ an article written By Kenneth R. Harney and see how its impact is affecting the Spokane Market