Escalating prices caused single family home sales for Spokane County in February to decrease 36 percent from a year ago, according to the Spokane Association of Realtors.
The total number of homes reported sold in February was 225, compared to 351 in February 1994.
“Asking prices for many homes currently are higher than the market price,” said Bev Gates, president of the Realtors association. “Overpricing slows activity because the market sets the real prices for homes.”
The average sales price for homes sold in February was $106,439, up from $103,214 a year ago. That’s a smaller increase than in most months for the past five years, however.
Although Spokane home sales in December and February posted gains due to seasonal fluctuations and unseasonably warm weather, sales in the past four months have lagged behind those of a year ago, according to statistics from the Realtors’ Multiple Listing Service.
Home sales in Spokane from November 1994 to February 1995 totaled 1,466, down 25 percent from the same period in 1993-94.
Nationwide sales of previously owned homes in 1995 have also decreased relative to 1994 sales.
The National Association of Realtors said sales of existing singlefamily homes totaled 3.59 million for January, the lowest since April 1993.
In Spokane, 406 homes were sold in the first two months of 1995, down 41 percent from the 686 homes sold in January and February 1994.
Gates said the decline in home sales is nothing to worry about.
“These listings … confirm that the residential market is coasting but healthy,” she said.
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