Spokane Journal of Business

Number of homes sold in Spokane area falls, prices climb

Inventory low, however, as counting method changed

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The Spokane Association of Realtors monthly home sales report for August shows that the number of units sold is down, while sale prices are up, consistent with the trend tracked throughout the year. 

August sales of single-family homes on less than 1 acre and condominiums sold through the association’s Multiple Listing Service totaled 869, a 5.5% decrease compared with the August 2018 total of 915.

The median sale price for August, was $267,000, an increase of 9% compared with the year-earlier month median price of $245,000. The average sale price during the month was $288,300, up 11.4% compared with the August 2018 average price of $258,800. 

Year to date, total home sales are down more than 11%; 5,005 single family homes and condos have been sold so far this year, compared with 5,643 through August 2018.

For the first eight months of the year, average and median prices for homes sold through the MLS were up 15.2% and 14.9%, respectively.

Distressed home sales, which includes foreclosures and short sales, generally at steep discounts, dipped below 1% for the month, according to the report; distressed home sales comprised 1.7% of all sales in August 2018.

Current inventory stands at 961 properties, which represents just more than one month’s supply, according to the report. The Spokane Association of Realtors has begun using a new methodology, however, which doesn’t take into account properties that are awaiting inspection before being listed. Using the previous method, inventory is up 6.8% in August, compared with year-earlier inventory numbers.

Virginia Thomas
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Reporter Virginia Thomas has worked at the Journal since 2017 and covers the banking and finance industries. As a reporter, she loves learning about Spokane's many growing industries. She enjoys travelling with her husband, snuggling with her cats, and cross stitching.

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