April 9, 2010 in Business, City

Spokane home sales up 23 percent in first quarter

By The Spokesman-Review
 

Realtors today reported a burst of home sales in Spokane County during the first three months of the year.

Residential sales of single-family homes and condos on less than an acre were up 23.2 percent over the first quarter of 2009, according to the Spokane Association of Realtors.

The group reported 790 closed sales during the January-March period, up from 641 a year ago.

The pickup in sales corresponds with a surge in interest among homebuyers taking advantage of a federal homebuyer tax credit. The popular tax credit, which expires April 30, has benefited millions of first-time and move-up buyers purchasing new homes.

Another reason for rising sales may be falling prices. The median price of Spokane County homes sold in the first quarter was nearly $160,000, which is $15,000 less than homes sold in the first three months of 2009. Realtors say first-time homebuyers are drawn to those prices.

The average sales price in the first quarter was $177,480, down from $200,125 in 2009.

More homes were listed for sale in the first quarter: 2,897 versus 2,138 in the first three months of 2009.


There are 15 comments on this story. Click here to view comments >>

Get stories like this in a free daily email