Spokane Real Estate Market
May 2015 Market Activity
The Spokane real estate market just had a better May than last year or the year before, or the year before that, or before that. OK, more homes sold in Spokane this May than any May, or any other month in more than 5 years. The Spokane housing market is on fire.
We haven't even gotten to the peak of the season yet. The numbers that you see on the graph above are from the Spokane Association of Realtors and they represent closed sales. This means that most of these deals were signed around in April or even earlier. The months with the most closed sales in Spokane tend to be June, July and August. It looks like we are in for a very active summer!
How about on the listing side of things? This is the number of houses that are being actively marketed. This is our inventory. The inventory has been increasing steadily since the beginning of the year but not at the same rate as closed sales. Demand is clearly increasing at a much faster rate than supply.
As you might expect when demand is increasing at a faster rate than supply, prices are increasing. When you look at the average sale price and the median sale price, they are both increasing at a fairly steady rate. We can expect them to continue to increase on into the summer months.
A steady price increase is a sign of a strong real estate market. It gives sellers the ability to sell their homes without taking a loss. It also gives buyers confidence that their investment will increase in value.
written by:Todd Hays