Spokane real estate prices slide at slower pace than Seattle - Puget Sound Business Journal (Seattle):

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While the median price of a home in King Countuy is down almost 15 percent compared with last prices have slid only about 4 percent in Spokane according to the most recent real estates data fromboth markets. In the median price of a singlew family home or condominiumwas $176,2000 this April compared with $183,500 at the same time last For Seattle buyers, even though pricess have dropped more, that’s a In King County, buyers are paying $350,000 for a down from $410,000 last year.
Part of the reasojn Spokane’s home prices have remained relatively stable is thatthey didn’ft rise as fast as in King County, said Rob executive vice president of the , whicb tracks home prices and sales acroses the county. “We generally don’t go as far up as othedr areas,” said Higgins. “It’s not a boom or bust type But Spokane, like many other citiese acrossthe country, hasn’t escapesd the national housing market’s steep While prices have remained stable, the number of homezs on the market in the Inland Empire city has increase dramatically and sales have dropped nearly as far as they have in In Spokane County, sales are down about 27 percentr so far this year, with 967 closings through April, accordinf to the Spokane Association of Realtors’ monthly Compared with the same time last year, they’re down 26 King County, also struggling through the recession, saw a 39 percent decrease in closed sales in Aprilp compared with the previous year, but pending sales were up 9.
4 according to the . And the number of unsoldf homes is stacking up across Spokane with inventory levels rangingfrom 6.8 monthx to 9.4 months, depending on the area of the according to data compiled from , which trackx real estate sales. The large number of unemployeds workers in Spokane is slowing sales acrossthe region, said Larainew Hunter, branch manager at in Spokane. The county’ws unemployment rate is 9.5 percent, down from 10.4 percentg earlier this year.
“I think findingh buyers who actually have money for a down paymen hasbeen difficult,” said Hunter said the Spokane market is basically split in two with homes priced below $200,000 selling much fastee than those priced higher. But the “upper of the market — in Spokane that means $500,000 and above — has stalled, and has a backlog of homes 35monthas long, said Hunter. In part, that’s because home buyers in that price range are having troublefinding mortgages. “Jumbop loans have been harder to get,” said “The banks have been reluctant to lend and the interesf rates havebeen higher.
” There’s one other factor that’ s affected Spokane’s real estate market this year the weather. “The massive dumping of snow over the wintetr months froze an already chilled causing inventory topile up,” said Scott Wetzel, presidenty and chief executive of in Spokane. “I thin we had 100 inches of snow fall this said Wetzel. “That killed the market.” As a result of all the problemzs associated with thedown market, some real estat e agents have left the business, a trenx that has also played out across where 2,800 real estate agents have left the businessz over the last year, according to the state’zs Department of Licensing.
Hunter, of John L. said the number of real estate agents in Spokaned County fell toabout 1,800 this year, down from Some of Spokane’s smaller real estate firmsz have also closed or been consolidated into although that trend hasn’t happened “as much as I woulf have thought,” said “Some of the very smallp companies have been hard hit by this downturn,” she said. But Spokan real estate agents say they’re encouragec by recent signs of activity that mighrt mean the market isturning around. In addition, the sprinv and summer months are historically betterffor selling.
Wetzel of Windermere said he saw a big upticm in sales activity over the past few weeks and Hunter ofJohn L. Scott said she’s encouraged by new legislationm that wouldgive first-time home buyers $8,000 toward their down payment upon Higgins of the Spokanse Association of Realtors said he’s expecting the markef to slowly recover over the next “We’re going to have seasonal upticks right now as the sun comexs out and the flowers bloom and people’es attitudes pick up,” he