Pending Home Sales Up Over Last Year
Valley home sales were nearly unchanged last month in comparison to February of 1997, but pending sales have Valley real estate experts hopeful.
Sixty-eight homes sold in the Valley last month, compared to 67 a year earlier, according to Spokane Association of Realtors. The Valley trailed the South Hill and northwest Spokane, each of which had 79 homes sold last month, in total sales.
However, the number of pending home sales in the Valley was up last month compared to a year earlier, with 130 pending sales last month compared to 95 in February of 1997.
“The market has picked up,” said Jan Ekstrom, owner of Janek Co.
Right now, she noted, interest rates are low, which makes homes more affordable for many buyers.
The average Valley home price was about 15 percent lower last month than a year ago. Last month, the average price was $111,270, while the average price in Feburary of 1997 was $130,746.
The South Hill had the highest average sales price last month, $118,960, followed by Northwest Spokane, where the average price was $115,424.
Valley homes stayed on the market for an average of 84 days last month compared to 77 days last February.
New home sales were down, too. Only 15 of the Valley homes were new last month, compared to 21 a year earlier.
In the Valley, more homes sold south of Interstate 90 corridor and in Liberty Lake than other Valley areas. Fifty-one homes, 14 of which were new, sold for an average price of $115,964.
North of I-90 in Millwood and Otis Orchards, 16 homes sold for an average price $97,543. Only one was new.