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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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

Spokane’s Median Year to Date Sale Price is up 7.7%

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Sales of single family homes on less than one acre including condominium sales totaled 705 for November 2017. Compared to November last year when sales totaled 610, closed sales are up 15.6%. Compared to last month when sales totaled 803, closed sales are down 12.2%. The average closed sales price for November was $231,512, an increase of 12% over November’s 2016 closed sales price of $206,701. The median closed sales price for November was $209,950 up 8.9% when compared to November 2016 when the median price was $192,750.

Year to date closed sales continue to out pace 2016. Closed sales through November total 7,479 compared to 6,927 last year through November, up 8%. The YTD average sales price is up 7.6%, $228,469 v. $212,384. The median YTD sales price is up 7.7%, $210,000 v. $195,000.

Inventory continues tight. As of this report, the inventory of single family homes on less than one acre, including condominiums totaled 1,360. This is down 30 homes from the same time last year when 1,390 homes were on the market. New construction sales continue to lag behind last year. Through November there were 696 new construction sales, including condos, down 9.3% from 767 sales reported through November last year.

Source: Spokane Association of Realtors

Fannie Mae’s Loan Limits to increase in 2018

Fannie Mae has issued Lender Letter LL-2017-10 to confirm the general and high-cost area loan limits announced by the Federal Housing Finance Agency (FHFA). The new loan limit in most of the country will be $453,100, which represents a 6.8 percent increase over the 2017 limit. All but 71 counties (or county equivalents) will see a loan limit increase.

The new limits are effective for whole loans delivered to Fannie Mae and loans in MBS pools with issue dates on or after Jan. 1, 2018.

I have listed the loan limits for Spokane County below:

2018 Loan Limit for a 1 Unit Dwelling: $453,100

2018 Loan Limit for a 2 Unit Dwelling: $580,150

2018 Loan Limit for a 3 Unit Dwelling: $701,250

2018 Loan Limit for a 4 Unit Dwelling: $871,450

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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