Compared to this same time last year, sales have slipped a little bit causing a bit of worry that the upward trend we’ve been enjoying for a couple of years may be stalling. The average and median sales prices continue on an upward trend, however, albeit ever so slowly. The Spokane Association of REALTORS© reports the following:
“May closed sales of single family homes on less than one acre, including condos, totaled 551. May closed sales were up 25.2% over April closed sales. The average sales price for May was $182,335 virtually the same average sales price as April’s which was $182,734. The median sales price for May was $164,000 down 3% from April’s median sales price of $169,148.
Year to date sales slipped behind last year’s total by 1.7%. Sales through May total 1,947 compared to 1,981 for the same period last year. The average sales price through May is $178,745 up slightly, 1.8%, from last year’s average sales price through May of $175,611. The year to date median sales price is flat compared to median sales price last year, $162,500 vs. $161,500.
Inventory is up 8.8% over last month. Compared to last month as of this report inventory is at 2,745 compared to 2,523 last month. New construction closed sales total 239 through May compared to 290 through May last year, down 17.6%.”
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.