Spokane Home Sales Hold Steady; Prices Climb 2.5 Percent Housing Market Leveling Out After Slumping Earlier This Year
Talk about parity.
July housing sales in Spokane County were exactly on par with those of July 1994. In both months, 462 homes were sold.
The only difference between the months was a 2.5 percent increase in price. The average price for a home sold in July 1995 was $114,500, up from $111,702 in 1994.
The July figures were good news to Spokane real estate agents, who watched sales in the first half of 1995 lag consistently behind those of the same period of 1994.
“This is a sign that the leveling out of the market for Spokane homes has arrived,” said Bev Gates, president of the Spokane Association of Realtors.
Although 1995 year-to-date figures are 23 percent below those from January to July of 1994, Gates was optimistic. Historically low interest rates and a broad selection of homes for sale may spur a miniboom in the last five months of the year, she said.
Market time for July 1995 sales averaged 64 days, with prices ranging from $24,950 to $568,475. The average market time in July 1994 was 65 days.
South Hill homes fetched the top price, with an average of $128,725 and 71 days on the market. A total of 96 homes were sold.
The 58 homes sold on the Northeast side were the county’s most affordable, with an average price of $81,225 and 67 days on the market.
A total of 112 Valley homes averaged $119,826, with 56 days on the market.
, DataTimes ILLUSTRATION: Graphic: Home sales