WOW. All I can say is, buyers are buying, even though they have 25% less choices ( listed homes for sale ) than last year at this time. This truly speaks to the increase in numbers of serious buyers, and the fact that sellers have an advantage because there are not enough homes for sale in the Spokane area!
My year has been steady, and I am so thankful to have such amazing clients and such a great pool of lenders, title companies and closers to help make selling a home in Spokane WA a good experience. Although the number of people buying a home in Spokane has obviously increased the past year, historically interest rates are still great, and even though it was an election year, people still have great confidence in the dream of home ownership.
In comparing November 2016 to November 2015 the impact of the 2015 wind storm is apparent. Closed sales of single family homes on less than one acre including condominiums totaled 608 this November compared to 437 closed sales in November 2015 an increase of 39.1%. The average sales price in November was $206,837 up 2.5% from last November’s average sale price of $201,585. The median sales price for November 2016 was $192,750 an increase of 9.2% over last November’s median sales price of $176,500. Year to date closed sales through November total 6,899 up 9.6% from last year’s year to date total of 6,293. The average year to date sales price is $212,467 up 7.5% from last year’s average sales price through November of $197,598. The median sales price is $195,000 compared to $179,900 an increase of 8.4%. Inventory continues to tighten. As of this report the inventory of single family homes on less than one acre including condominiums total 1,390 down some 25.5% from last year’s total of 1,866 properties. New construction sales continue ahead of last year by 22.3%, 767 this year compared to 627 last year.
If you would like the monthly Spokane Real Estate Market Stats e mailed yo you, just let me know!