Median Sale Price up 15.4% Year over Year

Residential closed sales of single family homes on less than one acre including condominium sales totaled 758 for May 2018. This total is down 2.4% from May 2017 when 777 closed sales were reported. The average sales price for May was $265,057 compared to the average sales price in May last year of $227,481, an increase of 16.5%. The median sales price was $240,000, an increase of 15.4% over the median sales price in May 2017 of $208,000.

Year to date sales through May total 2,836. This is a year to date increase of 9.8% over last year when total sales through May 2017 were 2,583. The average sales price through May is $245,479, up 12% over the average sales price through May 2017 of $219,159. Median sales price through May is $225,000 which is up 12.5% through May last year when the median price was $200,000.

Inventory continues to lag behind last year, down 17.6%. Current inventory is 1,389 residential properties compared to 1,686 last year as of the May report. New construction sales reported for May totaled 68 and the total through May this year is 306. This number is up 15.9% over the 264 sales reported through May 2017.

Source: Spokane Association of Realtors

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