The real estate market that improved bit by bit in 2012 showed some tremendous growth in the first month of 2013. In fact, closed sales in January were the strongest they’ve been since 2007! The Spokane Association of Realtors reports the following statistics on the Spokane real estate market:
Residential closed sales (residential site built on less than one acre and condos) totaled 248 for January. This is the best January for closed sales since 2007. Average sales price for January was $177,128 while the median sales price was $161,500. Compared to last year virtually all indicators are positive. Sales are up 19.8% compared to January 2012 when sales totaled 207. The average sales price for January is up 12.4% over January 2012. The average sales price last year was $157,522 compared to $177,128 for this January. Median sales price is up 9.9%. Last year in January the median sales price was $147,000, this year it is $161,500. Inventory is up slightly from December but down significantly from January last year. As of this report the inventory stood at 2,055 properties. New home sales continue their hot pace. This January we show 47 new construction sales compared to 21 last year. This is an increase of 124%.
I believe the market will continue to improve throughout the year. As I’ve been saying, I absolutely believe we’ve seen the worst and the best is yet to come.
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!