Spokane Real Estate Market
The Spokane real estate market is very active and the inventory of homes for buyers to choose from continues to be limited. There are more homes on the market than there were just a month ago but we are still down 28% compared to the same time last year.
Spokane's low inventory continues to perpetuate the seller's market. Buyers can still find a nice home at a good price; they just need to move fast. Good values come on the market all the time; they just get bought up very quickly.
If you look at the chart below, you will see that 555 homes sold last month compared to 497 the same time last year. This means that byers bought 12% more homes when they had 28% fewer homes to choose from.
With the demand for real estate in Spokane being high and the supply continuing to be low we will continue to see multiple offers and homes selling very quickly.
The average closed sale price for a single family home on less than one acre in Spokane County last month was $220,984. That is an 8% increase over the same time last year. Year to date the average sale price is 7% higher than it was last year. With the low inventory, this is a trend that we can expect to see into the summer.
The median price for a home in Spokane for March was $204,900. When compared to the previous March when it was $187,500 we see a 9% increase. Year to date the median price home in Spokane has increased 8% compared to the same time last year.
The sale of newly constructed homes continues to be strong. At 166 new home sales in the first quarter this year and 165 last year, the pace is nearly identical.
The difference is when you look at the price of the new homes. So far this year the average sale price of new construction is $302,096. That is 10% higher than last year at this time. What this means is that Spokane home builders are selling higher end homes.
written by:Todd Hays