Spokane Real Estate Market
Here is the Spokane real estate market at a glance for March, 2016. Closed sales were about the same as a year ago. This March there were 495 single family homes on less than 1 acre sold and there were 497 the same time last year. Average price was up 12.2% and Median price was up 10.4%. Inventory was Down 19%.
Distressed Home sales were also down. Distressed sales are short sales and bank foreclosures. Last March they accounted for 18.1% of home sales, this March they were down to 11.5%.
After more than 5 years of a challenging real estate market Spokane has finally seen things turn around. It was just a few short years ago that many home owners owed more on their homes than they were worth and they couldn’t afford to sell their homes. If they did try to sell them, they were usually overpriced. When life circumstances mandated that they move it would often result in a short sale or bank foreclosure.
Over the past couple of years, the Spokane real estate market has been recovering. We are seeing prices and market activity that we haven’t seen in nearly a decade. As market values increase, more home owners can afford to sell their homes. Additionally buyers have confidence that they can buy a home and down the road they will see return on their investment.
All signs indicate that the market will continue to be strong through the rest of the year and beyond. Median and average closed sale prices are a great indicator of the demand for housing . Active listings represent the inventory or supply of homes on the market at any given time. Consistently, month after month the supply has been down from the same time the year before and the closed sale prices have been up.
The laws of supply and demand certainly indicate that the market will stay strong for quite some time. Of course we will see the usual seasonal trends in both prices and market activity. These seasonal trends are very easy to predict when you look at the charts on this page.
written by:Todd Hays