Spokane Real Estate Market
April 2015 Market Activity
The market statistics for March from the Spokane Association of Realtors are in. March was a very busy month for real estate here in Spokane Washington. The early warm weather has been bringing buyers out in hordes and the homes are selling. There are still plenty of homes in inventory and many have been there for quite a while, but the homes that are priced correctly and in good condition, are moving fast; often times with multiple offers.
Closed Sales have been up all year long when comparing them to the same month from previous years. This may be due in part to the early spring but it is also an indication of overall market improvement. 25% more homes sold in Spokane this March than in the prior two years. A great March has been shadowed by an even better April. If there has been a time in the last 8 years to put your home on the market, the time is now.
With an increase in closed sales of over 12% in April compared to the month before and an increase in active listings of less than 8% it is plane to see demand is increasing quite a bit faster than supply. We always expect to see an increase in the inventory of the Spokane real estate market this time of year. Sellers are getting their homes listed in anticipation of the active season. When the closed sales are increasing at a higher rate than the market inventory, it means we are in for a very active market this summer.
Median price homes are holding steady with only a slight increase in sale price from the previous month. The same thing is true when you compare this number from the year before. This is an indicator that the median priced homes in Spokane Washington are still affordable. Most homebuyers fall in this price range. These buyers paid about the same for a home in April as they would have the same time the year before.
The Spokane real estate market showed a 4% increase in the average sale price in April. With the median price holding fast and the average sale price increasing, this is an indicator that higher priced properties are selling. Market trends tend to affect higher priced homes more than the median priced homes. More market activity in the higher price range is a good indicator of market improvement.
Mortgage interest rates are still amazing. Interest rate increases have been predicted for the past two years, yet every loan program out there is still holding on to these historically low interest rates. Additionally, homes in Spokane Washington are quite a bit more affordable than most other populated parts of the country.
written by:Todd Hays