April 8, 2014 in Business

Spokane homes sales increased by 33 percent in March

By The Spokesman-Review
 

Total Spokane homes sales in March picked up by 33 percent compared to February, the Spokane Association of Realtors reported.

There were 384 homes sold in March, with the median price up 3.9 percent compared to the previous month.

“That March growth is positive, but at the same time, that’s generally the way March is,” said Rob Higgins, the association’s executive officer. “February is typically a slow month for us.”

Said Higgins, “What’s more important is that we keep seeing positive numbers.”

In contrast, there were 400 homes sold in March 2013.

The strongest locations for home sales during March this year were Spokane Valley-Liberty Lake, with 120 sales. The next most active area was south Spokane, with 94 sales. Northwest Spokane County had 82 sales in March.

Higgins said most analysts predict the 2014 home market in Spokane will generally mirror the slow growth seen during 2013.

Underlining that point, Higgins cited 2014’s first-quarter median sales price for Spokane – $158,000 – which is nearly identical to the $157,950 median price from first quarter 2013.

For the first quarter of 2014, 955 single-family home sales were closed compared to 944 sales in 2013’s first quarter, he said.

“That’s a 1.2 percent increase and I’d like to see it be more,” Higgins said.

As he did last year, Higgins said the key number that area Realtors care about is jobs. Once the jobs picture brightens, home sales will catch up, he said.

New-home sales are down 17.4 percent in the first quarter compared with a year ago.

There were 124 newly constructed homes sold in Spokane this year, compared with 150 during the first three months of 2013, the association reported.


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