Spokane Real Estate Market
The statistics below are based on closed sales of single family homes on less than one acre including condominiums in Spokane County for July 2016. With 755 closed sales last month, the Spokane real estate market held steady when compared to the month before as well as the same month a year before. Spokane can expect to see strong market activity through the rest of the year though we will see the normal trends that we expect to see coming into fall and winter.
The inventory of homes in Spokane increased slightly in July when compared with the month before. A small increase in inventory is common for this time of year. With 2,114 active listings at the end of July compared to 2,493 the same time in 2015, we saw 15% drop in inventory from the same time the previous year.
The average sale price for a home in Spokane in July of 2016 was $222,321, up 2.1% over June's average sales price of $217,652. The median sales price for July was $208,000, which is up 5.5% over June's median sales price of $197,200.
Year to date sales through July total 4,015 for 2016 compared to the same period last year of 3,893 closed sales which is a 3.1% increase. The year to date average sales price is $211,413, an 8.3% increase over last year at $195,230. The year to date median sales price is $194,000 up 9% over last year’s year to date median sales price of $178,000.
New construction sales continue to outpace last year. New construction sales are up 19.7%, 462 through July compared to 386 over the same period of time the year before.
With interest rates still holding low, buying a home is still more affordable than ever.
written by:Todd Hays