Spokane Real Estate Advisor John Creighton of John L. Scott Releases February 2011 Market Update

Spokane, WA - John Creighton with the John L. Scott agency in Spokane WA, has released his February 2011 Spokane Real Estate Market Update, a comprehensive summary of real estate activity in the Spokane and surrounding areas.

A fixture in the real estate community for years, Creighton's Market Update is received by hundreds of Spokane area investors, buyers, and real estate professionals in the Spokane and Coeur d’Alene area

"February of 2011 showed an increase in existing home sales volume along with a decrease in prices for the third consecutive month. This is holding fairly consistently to normal seasonal variations in market activity."

He says the average price in the Spokane area declined by 6.98% versus the prior month (January 2011) with homes staying on the market 99 days on average.

"It is obviously still a buyers market, but there are still plenty of transactions happening. There are still families needing to move closer to jobs or into a bigger home to accommodate a larger family."

"On the other hand, we are seeing an increasing number of distressed sales including Spokane foreclosures and short sales. These continue to put pricing pressure on homeowners who find themselves needing to sell in this market."

From the perspective of the buyer, though, he says there's never been a better time to get more home for less money than today's market.

"The silver lining in this economic environment is that reduced prices make Spokane homes far more affordable for anyone needing to move. You can certainly buy a much larger home for less money now than you could a year or two ago."

About the Spokane Market Update

Published since 2006, the Spokane Market Update is written by Spokane Real Estate Advisor John Creighton, MBA, e-PRO, GRI, Licensed in Washington & Idaho. Subscription is free at www.SpokaneRealEstateAdvisor.com.

For more information, please contact:

John Creighton, MBA, GRI, e-PRO
Spokane Real Estate Advisor
John L Scott Real Estate
1338 N Liberty Lake Rd
(509) 979-2535