Compared to this same time last year, sales are up continuing a trend that we’ve seen for a couple of years now. The average and median sales prices are also on an upward trend. The only downward trend is on new construction sales. The Spokane Association of REALTORS© reports the following:
“439 closed residential sales of single family homes on less than one acre (including condos) were reported for April 2014. Compared to last month sales are up 14.3% when 384 homes were reported sold. The average sales price for April was $182,945 up slightly from March’s average sales price of $182,040. The median sales price for April was $169,296 up 3.3% from the March median sales price of $163,950.
Year to date sales through April are up slightly over last year. Sales through April 2014 were 1,395 compared to 1,389 over the same period in 2013. The year to date average sales price is up 3.4% over last year, $177,390 through April 2014 compared to $171,583 over the same period last year. The year to date median price is up 1.9%, $162,000 compared to $159,000.
The inventory as of this Market Activity report for residential properties on less than one acre totaled 2,523 homes compared to 2,528 last year at this time. Inventory is up 11.1% compared to last month. The closed sales of newly constructed homes continues to lag behind last year. Through April 177 new construction sales were closed compared to 208 over the same period last year, down 14.9%”
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.