You spot your favorite REALTOR® in the grocery store aisles, or you happen to meet in the mall, and inevitably the conversation turns to “so, how’s the market?” What a great question to ask! Real estate headlines are popping up everywhere the eye can see: online, on newsstands, in popular magazines, blogs, billboards, email, newsletters, Twitter, etc. The collection of statistics and data is a profession unto itself, but it does give us insight on where we have been AND where we are going.

There is light at the end of the tunnel. The Spokane Association of REALTORS® residential market activity report ending June 2010 shows an upward trend for the ninth consecutive month, where closed sales surpassed closed sales for the same month a year ago. June closed sales totaled 506 compared to 501 for June of last year. The average sales price for June was $190,308, which is up 5.4% from last month, and the median price for June was $171,295, up 6.6% over May.

Comparatively, residential closed sales for the first half of this year are up 24.5% over last year. The current inventory has increased, giving buyers more from which to choose. The average sales price for the half year mark stands at $181,482 and the median price is at $163,000. These numbers are down 6.4% and 6.1% respectively when compared to last year. This may indicate that property values could still be declining slightly.

The National Association of REALTORS® also reports that existing home sales slowed in June but remained at relatively elevated levels. The NAR President Vicki Cox Golder said softer home sales expected this summer don’t tell the whole story. “Despite these market swings, total annual home sales are rising above 2009 and we’re looking for overall gains again this year as well as in 2011,” she said. “Conditions have become more balanced in much of the country, which is good for both buyers and sellers.”

Spokane typically experiences a more stable economy, thus a more stable real estate market; however, we are not isolated from outside conditions. Distressed properties, loan capabilities and the growth of local businesses which create jobs will always effect our real estate market.

Local trends are improving. It’s time to contact your favorite REALTOR®. Pick up the phone and chat with any of the 1,800 Spokane REALTORS® who are taking care of business daily, right here in our region. We can show you that signs of stabilization in the local market are appearing. It’s time to invest in real estate!

Linda Miller can be reached at President@SpokaneRealtor.com.