December 13, 2005 in Business

County sets monthly record for home sales

By The Spokesman-Review
 

More home sales closed in Spokane County in November than has ever been recorded for that month by the Spokane Association of Realtors.

Some 662 residential sales closed, up 10 percent over November of last year. Though sales dipped from the 774 sold in October, the average sales price continued to rise. The average price of a home sold in Spokane County in November was $183,637, up from $178,214 in October and $157,689 last November. The increase over last year is 16 percent.

With one month left to record in the year, this year’s sales are outpacing last year’s record-setting rate by more than 6 percent. By this time last year, 6,941 home sales had closed, compared to 7,365 this year. The average sales price for the first 11 months of the year was $169,602, up more than 15 percent over the same time period last year, the Realtors’ association reported.

The median sales price so far this year is $149,200, almost a 16 percent increase over $129,000 from last year.

And in some good news for Realtors and buyers, the number of homes on the market currently exceeds the figures from the previous year. This is the first month this year that has occurred. The reduced inventory has been a cause for concern among some Realtors this year, who worry it artificially inflates prices.

New-homes sales are up almost 23 percent over last year, with 1,006 sold by this time in 2004 and 1,233 sales recorded so far this year, the association reported. The average price of a new home sold in November was $256,574.


Thoughts and opinions on this story? Click here to comment >>

Get stories like this in a free daily email