Spokane Real Estate Market
Jully 2015 Market Activity
The real estate market in Spokane Washington is still on fire. We had a great spring and we are an having even better summer. As you can see closed sales in July were down just a little bit from June but they were still over 20% higher than they were at this time last year.
The number of listings in July was about 1% higher than the number in June. At the end of July Spokane had about 3.3 months' worth of inventory. The same month last year Spokane had around 4.7 months' worth of inventory. However you look at it, this is a strong indicator of a seller's market.
As you would expect with a high demand and diminishing supply, prices are going up. Both average sale price and median sale price are higher than the have been in many years.
As for a nationwide perspective, the National Association of Realtors is reporting the highest prices in the last 10 years.
Will prices continue to climb on into the winter? No; at least not in Spokane. The strong summer market will slow down going into the fall for both sale prices and number of closed sales. Fall and winter are good times for buyers to find good deals.
written by:Todd Hays