STRONGEST-EVER SPOKANE COUNTY HOME PRICES, SALES
The conversations in the association office this past week were exciting! There were short discussions followed by, “Are you sure? Is this for real?” Staff members asked these questions aloud as they calculated and stepped back to look at our Spokane County resident real estate market statistics for June 2017.
Yes, we’re sure. Yes, this is for real.
Sales are up 7% so far this year and are up 18.3% in June compared to June of last year. This is the highest year-on-year sales increase in the history of the local market.
Closed sales of single-family homes on less than one acre including condos for June 2017 total 944—the highest number of sales ever in a month in Spokane.
The average sales price is up 6.9% so far this year—the highest average year-on-year price increase in the history of the local market. When I say “highest” I mean in the modern history of the market looking back some 30 years.
The average closed price for June 2017 was $233,756 compared to June 2016 when the average price was $217,256.
As a Spokane REALTOR®, numbers on the rise are encouraging. I also have some concerns as I look ahead. First, the encouraging: If you currently own a home, rising economic waters are lifting your asset as never before. If you’re looking to sell the home you have, you’ll likely get more for it now than you would have any other year. Talk to your REALTOR® to get the scoop on your specific situation.
If you’re sitting on the fence about buying a home, talk to your REALTOR®. But you may want to get off the fence now while interest rates remain near historic lows and Spokane real estate remains mostly affordable.
Now, my concerns: As I look 10-20 years into the future I see population estimates that may be low and buildable land estimates that may be high. Pair this with a paucity of young men and women entering the building trades and we have an inventory recipe that needs some attention to make sure future generations in our area have a place to call home.
This fall the Spokane Association of REALTOR® will release a Spokane County buildable land study—a year in the making—in partnership with a building trades study done by the Spokane Homebuilder’s Association. We’ll be meeting with city and county leadership to share our findings in September.
These are only problems if we don’t do anything about them. Truly, Spokane’s best days lie ahead if we plan to grow, and grow a plan. After decades of hibernation, it’s good to hear the Spokane housing market make encouraging noises again.
Now is your best time in a long time to reach for your piece of the American Dream. Call a Spokane REALTOR® today!
– By Jennifer Valerien, SAR President