SPOKANE -- Spokane realtors are calling the area housing market a bloodbath, with prices continuing to plummet while homes are sitting for months on the market with little if any interest.

The numbers for the Spokane market tell the tale of woe for area realtors:

In February of 2008 Spokane’s median home price was $177,000. One year later at the bottom of the recession that price dropped by $7,000. Last month – one year later – prices dropped to $157,500.

Cindy Crisler and her husband Jeff are Century 21 realtors and they say that right the only homes that are selling are under $200,000.

“Last year 73-percent of homes in Spokane were under $200,000 and it was mostly to first-time homebuyers,” she said.

“The range from 200 to 350 seems to be behind and they don't get as many sales,” Crisler added.

Part of the reason for the continued sales of homes under $200,000 is the first-time home buyer’s tax credit, luring new buyers into homes under $200,000. Unfortunately for realtors and first-time home buyers alike that tax credit comes to an end in April.

The picture is equally bleak for people trying to sell their homes. In February 2006 the odds of selling your home within three months was around 30-percent. This year that figure is down to seven-percent.

“There are a lot of homes to buy, the interest rates are really good, so really, if you're in a position to buy, now is a really good time to do it,” Cindy Crisler said.