Spokane Home Sales Slide A Little In March But First Quarter Remains Strong
Spokane home sales dipped slightly in March, but not enough to dampen a strong first quarter.
Twelve fewer homes - 345 total - were sold this March compared with last year, but 871 sales were made during the first quarter, 106 more than the same period last year.
Through the first quarter, sales are up almost 14 percent over last year as the Spokane residential real estate market continues at a strong pace.
“There is steady, solid growth,” said Tom Crowley, president of the Spokane Association of Realtors. “Buyers have the advantage of good inventory and sellers have plenty of showings if the houses are properly priced.”
Though fewer homes were sold this March than a year earlier, total dollar volume increased slightly. The average price of a home rose from $106,230 last March to $110,658 last month.
The increase in sales during the first quarter reflected strength in the existing-home market. New-home sales were virtually unchanged: 143 this year, 144 in 1995.
Homes also are taking an equal amount of time to sell - an average of 80 days this year and 78 days in 1995. The average price of a home rose 4 percent in the first quarter of 1996 - to $111,999, compared with $107,354 in 1995.
The Northwest region of Spokane led sales in March, with 97 homes sold, 10 of them new.
The greatest sales volume in March - $11.9 million - was generated from the South Hill, where the average selling price was $135,897.
, DataTimes ILLUSTRATION: Graphic: Home Sales