Spokane Area Real Estate Market Update

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737 single family homes on less than one acre including condominiums were reported sold closed for September. This number is down 1.3% from September 2017 when 747 homes were reported sold. This is the fourth month in the last five in which sales compared to the same month last year have been down. The average sales price for September was $259,472 up 9.9% from September last year when the average sales price was $236,161. The median price for September was up 9.3% from September 2017, $235,000 v $215,000.

Closed sales through September total 6,286 closed sales compared to 6,003 through September 2017 an increase of 4.7%. The year to date average sales price is $254,733 compared to $228,051 over the same period last year. The year to date average sales price is up 11.7%. The median year to date sales price is up 11.6% compared to the same
period in 2017, $234,632 v. $210,000.

Inventory is down less than 1% compared to last month however compared to last year at this time inventory is down 24.3%, current inventory at 1,451 homes compared to 1,918 at the same time last year. New construction closed sales reported to the Spokane Association’s MLS are up 14.7%, 626 year to date closed sales reported compared to 545
closed sales reported last year.

 

Source: Spokane Association of REALTORS

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