Outwit, Outplay, Outlast!
October's Home Sales Market Activity Report has been released, and while I had hoped to see an increase over September's low numbers, at least the amount of Closed Properties appears to be stable.
During the Month of October, there were 304 Closed Sales (Homes and Condo's under 1 Acre) in Spokane County, compared to 509 Closed Sales in October of 2009.
The Sky is NOT falling however and in this year more than any other, we really can't compare year over year "Months" as "Apples to Apples". Let me try to explain:
The First Time, Extended and Expanded Tax Credits and more importantly, the deadline to purchase in order to qualify for the Credit, had essentially shifted the Sales Peak forward in the year by about 3 Months as Sellers raced to put their homes on the Market earlier in the year and Buyers moved up their Purchase Timeline in order to qualify for the Credit.
There were more closings in March, April, May and June of 2010 than there were during those months of the previous year, and consequently there have been less closings during July, August, September and October of this year than each of those months in 2009.
When we look at the entire year however, the Total Closing for 2010 only lag behind 2009 by 213 Sold Properties...or 5.5%.
Interest Rates are Phenomenally Low and I expect that "would be" Buyers are going to find themselves making the Purchase of a Lifetime and that Sellers who are Aggressive with their price point and Cleanliness will come out Head and Shoulders about the Rest.
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