Go Spokane Real Estate
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Home Buyer Education
Zero Out of Pocket Financing
I teach a Washington State Housing Finance Commission sponsored Home Buyer Education class. I co-teach this 5 hour class with a lending professional. This is a free class. Not only is there a lot of great information for the perspective home buyer, but class completion is required for eligibility to receive a 0% interest state bond loan to cover down payment on your home mortgage.
Call for next class date: 509-844-7354
Spokane Real Estate Market
The Spokane real estate market is continuing to recover, and July was the best month in the last seven years. Closed sales were up 4.3% this month, at 626 closed sales compared with 600 in June. The average sale prices for July ($186,795) were down 1.6% from June's average sales prices ($187,627), and the median prices were slightly down (1.1%) in July ($169,800) from June ($171,750). Both average sale prices and median prices continue to do well. 2014's sales to date show 3,177 closed sales reported compared to 3,100 over the same time period last year, which is a 2.5% increase.
What does this mean? When you look at July and compare it to a year ago, you see very little change in the average sales price [$182,396 in 2014 compared to $181,181 through July last year]. However, the number of homes sold in the Spokane real estate market has increased significantly which shows an improvement.
The Median price for July is up 1% from this time last year ($165,000 compared to $163,500). There is still a continued trend of increased activity in the Spokane real estate market. Well-priced homes in good condition in this price range do not stay on the market long. This means that buyers are buying and sellers are selling, which is an improvement to a short time ago when there was a large inventory of overpriced homes on the market that nobody was buying. It looks like a good market for both buyers and sellers. Home loan interest rates have stabilized, but mortgage interest rates are still at historic lows and home loans are still very affordable.
The Spokane real estate market information above for July 2014 is based on residential site built homes on less than one acre and condos in Spokane County.
Spokane Real Estate Market Activity for 2013
The numbers are in for 2013 and it is clear that the Spokane real estate market is continuing to improve. Overall, market activity and closed sales continue to increase compared to 2012.
There were 5,499 homes sold in Spokane County in 2013 which is up 21% from 2012 with 4,533. With an average price of $182,682 and a median price of $164,697, the home prices are up 3% over the previous year too.
The 2013 market numbers continue to show an overall picture of market improvement. Prices are steadily increasing but homes are still more affordable than they were seven years ago. The increase in market activity is good because it just means buyers are buying and sellers are selling.