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:
“Sales of single family homes on less than one acre and condos totaled 384 for March. This number is up significantly, 33.3%, over last month when 288 closed sales were reported. The average sales price for March was $182,040 up 3.7% over February’s average sales price of $175,476. The median sales price for March was $163,950, up 3.9% over February’s median sales price of $157,750.
Year to date, or first quarter, sales totaled 955 closed sales. Last year first quarter sales totaled 944. Closed sales are up 1.2% through March for 2014 compared to 2013. The average sales price through the first quarter is $174,916 compared to $170,302 over the first quarter last year. Average sales price is up 2.7%. The median sales price is virtually unchanged for the first quarter. Median sales price this year is $158,000 compared to $157,950 over the first quarter last year. Inventory as of this report stood at 2,270 homes on the market. Last month the inventory was 2,104. Inventory is up 7.9% compared to last month but down 1.7% compared to last year.
New construction sales totaled 48 for March. Last month new construction sales totaled 41. Year to date, first quarter, new construction sales are down 17.3%, 124 sales compared to 150 last year.”
With interest rates on the rise, there has never been a better time to buy real estate! With inventory low, it is also a great time to sell real estate. I have buyers for whom I cannot find homes. If you are interested in selling your home, please call me today!
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.