Spokane Home Sales Fall 40% year over year

Housing sales plunge in October – Office Hours – Spokesman.com – Nov. 8, 2010.

From 509 in October 2009 to 304 in 2010.

The steep decline is blamed on the presence of government tax credits/subsidies to new home buyers the year before.  Which is both a true statement and silly when we look at the full context.

From 2002 to the fall of 2008, home sales averaged, typically, over 1,000 to about 1,500 per month and in 3 years were 2,000 or more in the early fall. (Update: I’m not sure I trust that source. This one has different numbers.)

Wow.  A decline from 2,000 to 300 per month.

Some signs of area economic recovery – or not

Good:

The Inland Northwest’s economy is beginning to show signs of recovery, although those signs are both early and modest, says Randall L. Fewel, president and CEO of both Northwest Bancorporation Inc., of Spokane, and its principal subsidiary, Inland Northwest Bank.

via Spokane Journal of Business – The Business Newspaper For The Inland Northwest – Banker here sees signs economy is improving modestly.

Not Yet So Good:

Two Taco Del Mar Mexican-food outlets have closed here recently, one at 3007 E. 57th on the South Hill, and a second at 8801 N. Indian Trail, in North Spokane.

The owner of those two outlets, Frank Schoonover, who operates the franchises with his wife, Barbara, under their company AppleDog LLC, says the weak economy here was the main factor in their decision to close the stores.

Spokane Journal of Business

Spokane commercial real estate vacancy rates shows improvement

 

 

 

 

 

 

 

 

 

Source: OfficeSpace.com

As always, each firm’s estimate of vacancies is calculated in their own way and estimates vary between firms.