Home Sales Lag ‘96 Pace, But Activity Is Picking Up

Spokane County’s housing market continues to lag behind last year, but Realtors are optimistic that sales will speed up.

Though 9 percent fewer homes changed hands last month as compared to July 1996, Realtors say they’re busy and pending sales - those waiting to close - are above those charted last July.

“We’re busy. More people are coming to open houses on weekends,” said Tom Crowley, of Crowley Realty, Better Homes and Gardens. “The business is out there.”

Last month, 458 sales closed, compared with 505 in July 1996, according to the Spokane Association of Realtors Multiple Listing Service.

Last month’s sales churned $52.5 million into the economy, 15 percent less than the $61.9 million earned the previous July.

Greg Benner, president of the Realtors Association, said he expects the second half of the year to far outpace the slow first half.

“We’ll make all those up,” Benner said, referring to this year’s slow early months. “Interest rates are holding and there’s a lot of inventory for people to pick from.”

Also, last year’s early winter and ice storm killed the housing market at the end of the year. A mild winter this year could push this year’s figures ahead of last year.

Rick Shulman, an associate broker with John L. Scott, said though business has been steady, vacations and back-to-school shopping might trip up the housing market in August.

“We might see a slight slowdown in August, then it’ll pick up in September,” Shulman said.

Homes are selling fastest in the northwest section of the county, with market time averaging 67 days. Sales took the longest in the northeast, with an average time of 103 days.

, DataTimes ILLUSTRATION: Graphic: Home sales