If you're thinking about #selling your home, then you're on the right track. #Spokanerealestate markets inventory is at an all-time low and there are many buyers looking. The houses in #Spokane and surrounding areas are moving fast, getting multiple offers and are getting more money for their home than they thought. Which makes it a great time to sell and buy with low-interest rates. Below is the current market activity through January 2017 showing you that the average and median prices continue to go up and inventory is low. If you would like to know what the real estate market is doing in your neighborhood and your current market value for your home, give me a call and would be happy to talk to you about your home and real estate.
Market Activity Through January 2017
As we finish our first month of the new year, closed sales of single-family homes on less than one acre including condominiums for January totaled 378. This total is up 7.7% from January last year when 351 closed sales were reported. The average selling price in January was $206,351 up 8.8% from January last year when the average selling price was $189,675. Median selling price in January was up 11.4%, $195,000 compared to $175,000 for January last year. These numbers also reflect year to date totals. Inventory continues to decline. Compared to this time last year inventory is down 25.3%, current inventory is at 1,153 properties compared to 1,543 at approximately the same time last year. New construction sales reported three more closed sales in January compared to January one year ago. Closed sales of new construction totaled 48 compared to 45 in January last year, an increase of 6.7%
Spokane Association of REALTORS®
2017 MONTHLY HOME SALES REPORT
JANUARY
SALES UP 7.7%
Closed sales of single-family homes on less than one acre
including condos for January 2017 total 378 compared to
January 2016 when the total was 351.
AVERAGE PRICE UP 8.8%
The average closed price for January 2017 was $206,351 compared to January 2016 when the average price was $189,675.*
MEDIAN PRICE UP 11.4%
The median closed price for January 2017 was $195,000 up 11.4% from January 2016 when the median price was $175,000.*
*NOTE: Does not represent home values.
INVENTORY DOWN
Inventory is down 25.3% compared to January 2016. Current inventory, as of this report totals 1,153 properties which represent a 3.1 months supply.
NOTE: Months supply based on closed sales for January.
DISTRESSED SALES DOWN
Sales of Distressed homes accounted for 11.6% of sales in January 2017 compared to 15.7% in January 2016.
NOTE: Information comes from the SAR’s Monthly Activity Report which looks at single family residential/ site-built properties on less than one acre and condominiums.
