Compared to last year, sales are up continuing a trend that we’ve seen for a couple of years now. The average and median sales prices, however, are down. The Spokane Association of REALTORS© reports the following:
“283 closed sales of residential properties on less than one acre including condo sales were reported for January. This is the best January for closed sales in seven years. The average sales price in January was $164,680 and the median price was $152,000. Compared to last year sales are up 13.3%. For January 2013, 249 sales were reported. The average and median price are down compared to last year. The average price for January 2013 was $176,708. This January’s average selling price of $164,680 is down 6.8% compared to last January and the median price is down 5.6%. The median price for January 2013 was $161,000. The drop in prices was driven primarily by REO sales nearly doubling this January (66) compared to January 2013 (36) and closed new construction sales being down 25.5% for this January compared to January 2013. Inventory as of this Market Activity report is holding steady. Inventory totals 2,098 properties compared to 2,055 last year at this time, up 2.1%. As stated above, new construction sales were down 25.5% compared to January of 2013, 35 closed sales this January compared to 47 for January 2013.”
It is a great time to buy real estate!
Check out my website at SabrinaSellsSpokane.com to see some great listings and please remember to refer me to your friends and family in need to professional real estate services. You can always reach me at 509.879.8800.