Spokane Real Estate Market
March 2015 Market Activity
The Spokane Association of Realtors has released the numbers for March, 2015. The Average and Median sale price of homes sold in the month of March are both down from the month before. But, that is fallowing the best February that we have had in 8 years. When you compare both of these statistics to the March of last year, you can see that they are both up. Looking back to the year before, you will notice a consistent price increase over the past two years, indicating continued market improvement.
Where the average and median sale price are both showing an increase from the year before, you will notice that there is a stronger increase with the median sale price. When a market is recovering, it is normal to see median price homes make the fastest recovery. More expensive properties will have a little stronger influence on the average statistic, and they typically experience a little slower recovery.
There is also every indication that we will enjoy continued market improvement here in Spokane. When you look at the number of active listings, you will see that they are down from the same time last year. Active listings represents inventory. This does not mean that sellers are not listing their homes; it means that homes are selling. The number of closed sales from the month before has an effect on the number of active listings the fallowing month.
When you take a look at the number of closed sales, you will notice that they are not only up from the same time last year but they are also up significantly from the month before. As mentioned before, that is going to have an impact on the active listings of the fallowing month.
Keeping in mind that active listings are supply and closed sales represent demand, we can see that we will likely have continued market improvement on into the summer. Even more important than a steady price increase is the increase in market activity. Every successful sale requires a seller and a buyer. When you have sellers that are selling and buyers that are buying, it makes for a healthy housing market.