Spokane Real Estate Market
Here is a summary of the Spokane real estate market for April, 2016.
The average home sales price was $205,801. The same month in 2015 the average sale price was $190,329. That is a 8.1% increase. The accumulative year to date average is $201,539 which is a 9% increase over the same period of time last year.
The median price for this April was $191,500 which was up 12.6% over April 2015 when the median price was $170,000. Year to date median sales price is $185,000 which is 9.5%higher than the same time one year ago.
When you look at the graphs on this page it is plane to see that the real estate market in Spokane Washington has seasonal trends in both average and median sale price. Though the graphs indicate the peak of the market is in July it is important to remember that these are closed sales. It takes an average of 40 days or more for a sale to close. This means that the offers that are being accepted and the deals that are getting signed around right now represent those peak of the market prices.
When we consider that the demand is up and the supply is down, there is every indication that prices will continue to rise.
April saw 585 closed sales compared with 556 in April 2015. This means that demand is up 5.2%. The story is similar when we look at the year to date sales. This year we stand at 1,772 total year to date sales at the end of April. Compared to year to date sales the same time last year of 1,722, this is an increase of 2.9%.
Supply grew by 10.4% compared to last month however when you compare the current inventory to the same time last year, you can see that supply is actually down 16.2%. Currently there are 1,934 active listings, compared to 2,307 the same time last year.
When the prices are on the rise and inventory is tight, new home sales increase. New construction sales are at 247 compared to 191 the same time last year. This is a 29.3% increase.
These statistics are based on closed sales of single family homes on less than one acre including condominiums from the Spokane Association of Realtors.
written by:Todd Hays