Market Activity Through November 2016

In comparing November 2016 to November 2015 the impact of the 2015 wind storm is apparent. Closed sales of single-family homes on less than one acre including condominiums totaled 608 this November compared to 437 closed sales in November 2015 an increase of 39.1%. The average sales price in November was $206,837 up 2.5% from last November’s average sale price of $201,585. The median sales price for November 2016 was $192,750 an increase of 9.2% over last November’s median sales price of $176,500. Year to date closed sales through November total 6,899 up 9.6% from last year’s year to date total of 6,293. The average year to date sales price is $212,467 up 7.5% from last year’s average sales price through November of $197,598. The median sales price is $195,000 compared to $179,900 an increase of 8.4%. Inventory continues to tighten. As of this report, the inventory of single-family homes on less than one acre including condominiums totals 1,390 down some 25.5% from last year’s total of 1,866 properties. New construction sales continue ahead of last year by 22.3%, 767 this year compared to 627 last year.

Spokane Association of REALTORS®
2016 MONTHLY HOME SALES REPORT
NOVEMBER

SALES UP 39.1%
Closed sales of single-family homes on less than one acre
including condos for November 2016 total 608 compared to
November 2015 when the total was 437.

AVERAGE PRICE UP 2.5%
The average closed price for November 2016 was $206,837
compared to November 2015 when the average price was
$201,858.*

MEDIAN PRICE UP 9.2%
The median closed price for November 2016 was $192,750
compared to November 2015 when the median price was
$176,500.*
*NOTE: Does not represent home values.

INVENTORY DOWN
Inventory is down 25.5% compared to November 2015. Current
inventory, as of this report totals 1,309 properties which
represents a 2.3 month supply.
NOTE: Months supply based on closed sales for November.

DISTRESSED SALES DOWN
Sales of Distressed homes accounted for 6.7% of sales in
November 2016 compared to 9.8% in November 2015.

Spokane Association of REALTORS®
2016 YEAR TO DATE HOME SALES REPORT
THROUGH NOVEMBER

SALES UP 9.6%
Closed sales of single-family homes on less than one acre
including condos through November 2016 total 6,899 compared
to 6,293 through November 2015.

AVERAGE PRICE UP 7.5%
The average closed price through November 2016 is $212,467
compared to $197,598 through November 2015.

MEDIAN PRICE UP 8.4%
The median closed price through November 2016 is $195,000
compared to $179,900 through November 2015.

INVENTORY DOWN
Inventory is down 25.5% compared to November 2015.
Current inventory as of this report is 1,390 properties which is
a 2.3 month supply.

DISTRESSED SALES DOWN
Sales of Distressed homes accounted for 8% of sales through
November 2016 compared to 12.7% through November 2015.