The Spokane Association of Realtors reported the following statistics for the end of the third quarter of this year.
385 closed sales of single family homes on less than one acre including condos were reported for September. Sales in August totaled 457. The average sales price for September was $180,117 while the median sales price for September was $167,500. Year to date sales continue ahead of last year. Sales through September 2012 total 3,319. This figure is up 9.8% over last year through September when sales totaled 3,022. The average price year to date is $175,025 up 3.6% over last year when the average price was $168,961. Year to date median price is up 3.2%, $159,900 compared to $155,000. Inventory is down 5% compared to last month, 2,689 compared to 2,834 and down 10.1% compared to last year at this time, 2,689 v. 2,992. New homes sales in September stood at 49 compared to 46 last month. However new homes sales are down7.9% year to date, 340 compared to 369.
So what does it all mean? It means the market continues in recovery mode. Lower supply and higher demand is driving prices up for the first time in over five years. With every month of improving numbers, I feel more and more secure that the worst of the market is behind us and that we are definitely in recovery mode.
Don’t forget to check out my website at SabrinaSellsSpokane.com and please let me know if I can ever help you with your real estate needs.
Have a great week everyone!