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Spokane Real Estate 2016

By
Real Estate Agent with Exit Real Estate Professionals

 

With the beginning of the year behind us and spring just around the corner, it is time to forecast the Spokane real estate market for 2016. The Spokane Association of Realtors has released there February data and I confident in making a very optimistic forecast. In short, we are in for a record year.

 

Housing prices in Spokane Washington peaked in July of 2007 with an average price of $221,299 and a median price of $196,000. All reliable indicators show this year peaking at an average sale price of around $224,000 and a median sale price of $201,000.snapshot of Spokane real estate market

 

As home values increase more homeowners can afford to refinance their homes with better loan terms. This has resulted in a continuing decline in the number of distressed home sales. Additionally, more people can afford to sell their homes. We will continue to see a healthy increase in housing inventory into the spring. With interest rates holding low, there will be plenty of buyers for these homes. Washington State also has some great zero money out of pocket home loan programs.  

 

When we look at sale prices, the market peaked in July of 2007 at the peak of the bubble but the market activity actually peaked two years before that in June of 2005. That is when there were a record number of closed sales with 871 single family homes on less than an acre sold in Spokane County in a single month. It is doubtful that we will reach that record this year but is highly probable we will pass the 800 homes sold bench mark.

 

Spokane always has and will continue to lag behind some of the more active markets in the country. These more active markets will experience more extreme price increases as well as price drops and they will experience them a couple of years earlier.

 

See more information on favicon Spokane Real Estate.

 

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Comments (1)

Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

This is an excellent report for prospective buyers and sellers alike.  Very professional...thanks for taking the time to share this.

Mar 07, 2016 11:23 PM