Local real estate market stabilizes in fourth quarter

Whitman County’s real estate market steadied in 2011 after the previous year’s dip which followed the expiration of the 2010 federal first-time home buyers’ tax credit program,

Figures released by the Washington Center for Real Estate Research showed 460 homes sold during the fourth quarter of 2011, an 18 percent increase from the same period in 2010.

Glenn Crellin, director of the center, pointed out the 2011 fourth quarter total was still well under the 620 homes sold during the fourth quarter 2009.

This was the first report produced by Crellin’s office since it moved from WSU to the University of Washington campus in January.

Home sales picked up in the summer and fall of 2010, which led to the drop in sales during the final quarter of 2010.

Last year’s sales represented a move back to normal, said Crellin.

Though sales were up, prices paid for those homes fell nearly six percent to $173,300, down from the $183,700 average price for homes bought in winter 2010.

Statewide home sales rose six percent to 91,080, though the average price fell eight percent to $219,700.