Spokane area sees October’ sales volume up 19.7%, average sale price up 5.3% and median sale price up 5.5%

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Reported closed sales of single family homes on less than one acre including condominiums picked up for October after a slight down turn in September. 803 closed sales were reported, up 19.7% over the 671 closed sales reported for October last year. The average sales price for this October was $227,733 compared to $216,326 last October, an increase of 5.3%. The median sales price for October was $209,900 an increase of 5.5% over last October’s median sales price of $199,000.

Year to date sales through October total 6,773 sales, an increase of 7.2% over the total of 6,316 through October 2016. The year to date average sales price is $228,123, up 7.1% over last years average sales price through October of $212,936. The year to date median sales price is $210,000 up 7.5% over the same period last year when the median sales price was $195,279.

New construction sales reported for October increased significantly. In October new construction totaled 83 compared to 72 in October 2016. Year to date new construction sales lag behind last year 627 compared to 699 in 2016, down 10.3%. Inventory continues to be tight with current inventory of 1,709 properties. This is the same total inventory the Spokane MLS had last year at this time.

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