Ice Storm Chills Valley Real Estate Transactions

November’s ice storm did more than pummel the Valley’s power lines. It put the freeze on Valley home sales, too, said real estate analysts.

“Things came to a screeching halt in this community with the ice storm,” said Don Walker, spokesman for the Spokane Association of Realtors. “No one could get in to look at homes.”

Fewer homes sold in the Valley last month than during the same time last year. But the average selling price for the homes was up slightly from November 1995.

The 110 Valley homes sold last month went for an average price of $129,284. That’s up from last November’s average of $119,402 for 123 properties.

It took about a week longer for homes to sell last month, compared to the same time last year. Valley homes spent an average of 75 days on the market in November, compared to an average of 68 days in November 1995.

A surplus of homes for sale contributed to the extended market time, said Bob Krafft of Windermere Real Estate.

Walker said sales have been fairly flat, but that’s not unusual for this area.

“It’s like a stair step,” he said. “There don’t seem to be any of these big nose dives like you see in big cities.”

Realtors have said they’re expecting December’s sales to be even slower than November’s.

“It’s typically and traditionally a slow month for the real estate market,” said Krafft. “People are preoccupied with the holidays and shopping and all the fun things that go on.”

Total Valley volume in November was tallied around $14.2 million. The highest priced home went for $317,000.

Valley homes stayed on the market for varying lengths of time, depending on price:

In the $80,000 to $90,000 range, 11 homes sold after an average of 47 days on the market.

In the $90,000 to $100,000 range, 12 homes sold in 60 days.

In the $100,000 to $120,000 range, 25 homes sold in 50 days.

In the $120,000 to $160,000 range, 26 homes sold in 105 days.

In the $160,000 to $200,000 range, 14 homes sold in 87 days.

South of the freeway, 92 homes sold with an average price of $132,124. North of the freeway, 18 homes sold with an average price of $114,769.

, DataTimes