Fewer Valley homes sold last month than in August of 1995 and those that did sell were on the market longer.
Last month, it took an average of 81 days for 116 homes to sell. A year earlier, 138 homes sold after being on the market an average of 64 days.
“There’s a lot more homes for buyers to choose from,” said Don Walker, spokesman for Spokane Association of Realtors. Overall volume was off 17 percent last month, down from $15.9 million in August of 1995 to $13.3 million last month.
People should not read too much into the sales downturn, said Jan Ekstrom, owner of Janek Co. Real Estate.
“Our economy is doing just fine here,” Ekstrom said. “It’s strong and fairly stable. We do have a number of corporations who are hiring and bringing new people into the area. So we’re looking to have a really good balance for the rest of 1996.”
Homes stayed on the market for varying lengths of time, depending on price:
In the $80,000 to $90,000 range, 18 homes sold in an average of 38 days.
In the $90,000 to $100,000 range, 18 homes sold in 82 days.
In the $100,000 to $120,000 range, 27 homes sold in 72 days.
In the $120,000 to $160,000 range, 23 homes sold in 108 days.
In the $160,000 to $200,000 range, 15 homes sold in 112 days.
The average selling price of a Valley home dropped slightly last month. The average price was $113,511, down from $115,146 in August of 1995. The most expensive home sold in the Valley last month went for $231,460.
South of the freeway, the average price was $116,430, and the average time on the market was 80 days.
In the northwest part of the Valley, the average price was $101,540, and the average time on the market was 64 days.
In the northeast Valley, the average price was $127,614, and the average time on the market was 158 days.