Spokane Real Estate Market at a Glance

Real Estate Agent with Exit Real Estate Professionals


Spokane home sales report May 2016


At 702, closed sales for single family site built homes on less than one acre were up 8.3% from the year before. There were 2044 homes on the market at the end of the month which represents 2.9 months of inventory. This is the lowest inventory we have seen in a decade.


Average and median prices were both up about 14% from last year. The average sale price was $218,542 and the median price was $200,000 which set a new record.


Sales of newly constructed homes are up 31% from last year. New home construction is an indicator of a strong housing market.


Distressed home sales are down 13%. With fewer short sales and bank foreclosures on the market, they aren’t representing as many of the closed sales.


There is every indicator that the Spokane real estate market will continue to hold momentum for quite some time to come. This means that more sellers can afford to sell their homes and more buyers can feel confident that buying a home is a good investment. This coupled with the continued low interest rates is good news for buyers and sellers alike.


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Comments (1)

Jack Tenold
Jack Tenold LLC - Spokane, WA
Specializing in Reverse Mortgages

Thank you for presenting the good news on Spokane real estate. Glad to learn that the outlook is positive for both buyers and sellers in our area.  Bodes well for you and me!  

Jun 14, 2016 03:52 AM