Spokane Real Estate Market
This is a market report of home sales activity in Spokane County for July, 2017. It includes all site built homes on less than one acre and condominiums sold in Spokane County during the month of July. The source of this information is the Spokane Association of Realtors and the Spokane MLS.
There were 806 homes sold in July of this year compared to 757 the same month last year. This is an increase of 6.5% year over year.
Closed home sales in July were lower than June but June was a record month with its 944 closed sales. This is the third year in a row that July has had fewer closed sales than June. With closings averaging more than 45 days this puts the peak of market activity sometime in April or May.
Year to date closed sales through July came in at 4,316 compared to 4,035 over the same time period in 2016. That is an increase in market activity of 6.5% which is consistent with the month over month report.
The average sales price for this July set a new Spokane County record at $235,431. The previous record was $233,756, which was set the month before.
The average sale price last month was 5.5% higher than the same month the previous year when the average home closed at $222,938.
Year to date through July the average home price was $225,483 which is up 6.6% over the same time last year with a year to date average of $211,436.
Last month, the median price home in Spokane County sold for $217,000. This is up 4.3% from July 2016 when the median price home sold for $208,000.
This median sales price through July this year is $207,000, which is up 6.7% when compared to the same period last year when the median price was $194,000.
There were 1,977 homes for sale in Spokane County at the end of July. When compared to the same time last year when there were 2,114 homes for sale, our current inventory is down 6.5%. But when you look at the graph, it is easy to see that we have come a long ways from the desperately low inventory that we were experiencing earlier this year.
Closed sales on newly constructed homes so far this year is well below last year. So far this year new construction has accounted for the sale of 395 homes. When compared to 463 by this same time last year we see a 14.7% decrease.
Short sales and foreclosures are down. In July distressed home sales accounted for 4.3% of all closed sales. When you compare that with the previous July when they accounted for 5.7% you can see a significant decrease.
written by:Todd Hays