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.
See more information on Spokane Real Estate.
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