From the Spokane Association of Realtors:
Residential sales of single family homes on less than one acre and condos reported for July totaled 614 up 23.5% from June when 497 sales were reported.
Sales are up from July last year by 40.5% when 437 sales were
reported. Prices slipped in July with the average selling price in July at $187,460 while the median price was
$166,000. The average is down 3.9% when compared to the average selling price of $195,094 for last month.
The median selling price for July was down 2.4% compared to last month when the median price was $170,000.
Year to date sales through July are up 24.2% compared to last year. The average sales price is up 4.8%,
$180,894 for 2013 compared to $172,609 for 2012. The median price is up 4.5%, $163,035 compared to
Inventory is up 3.3% compared to this time last year. Inventory as of this report was 2,918 compared to 2,825
last year at this time.
New construction sales continue to show significant increases. Through July this year sales total 402 compared
to 245 last year, an increase of 64.1%
CONCLUSION: What this all means is that the amount of home sales is up, and while listing inventory has been lower then over the past few years it is increasing as more people are putting their homes up for sale. Prices through the year have headed up versus the previous years, but as of most recently appear to be at or just under last year for the month. This could be due to the point increase in interest rates. This could be because of a number of other factors such as economic, employment, lending availability, etc...We will have to continue to watch things very carefully.
Bottom line however is this: Right now we are seeing some stability in the market at around and below average and medium price levels. As you get into the higher price ranges in super luxury properties inventory rates, in terms of amount of time it would take to sell the amount of homes in this range that are active on the market, are much higher.
Also keep in mind that this is data from the entire Spokane area. Realise that what is going on in your neighborhood is much more specific to your home and may differ wildly from these averages. That's where having your exclusive and proactive real estate advisor comes into play. I can get the details for you and with lazer precision help you pinpoint todays market value on your home and an approximation of how many days at that price it will take to sell your home!