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

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

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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