The average home sale price in the Spokane Valley was the county’s highest last month, thanks to new housing developments.
In the Valley, 65 homes were reported sold in February. The dollar volume was $7.9 million, with an average sale price of $122,588.
Sales in the Valley’s newer, higherend areas drove up that average.
In the South Hill area, 51 homes were sold. The average price was $119,422, with a dollar volume of $6.1 million.
For the past several years, the South Hill and the Valley have had the highest average home sale prices.
“The Valley’s starting to catch up,” said Don Walker, of the Spokane Association of Realtors.
“What raised that statistic is we sold more expensive homes than the South Hill for that period,” said Dave Nerren, real estate salesman for Tomlinson Black Group.
“We had more higher-end homes sell in the last quarter,” he said. “I think the Valley is kind of the new place of interest to people, being so close to Idaho and all the things going on there.”
Bryan Walker, also a Tomlinson Black salesman, said that both ends of the market are doing well in the Valley.
Houses at Morningside, at 32nd and Chapman, sell from $230,000 to $500,000, he said.
“That got off to a great start for being a high-end project,” Walker said. Strong lower end projects include Chinook Addition, with prices between $99,900 and $125,000.
Bill Main Sr., broker-owner of Remax of Spokane, said that the 17 homes sold in a Liberty Lake development also helped to raise the average home sale price.
The average price of the MeadowWood homes was about $160,000, Main said.
“There are probably more new homes sold in this higher bracket than even the North Side,” he said. “The market slowed down in the North Side in construction - it’s been pretty good in the Valley.”
The Liberty Lake complex is a 1,100-acre community of seven different neighborhoods.
“We haven’t had any sign of it slowing down in MeadowWood,” Main said.
Jimmie Bates, associate broker at Windermere Tupper Group, said that another active new Valley development has been Ridgemont, at 24th and Sullivan, with houses in the $130,000 to $170,000 price range.
Others include Bella Vista and Midilome, he said.
Subscribe to the Coronavirus newsletter
Get the day’s latest Coronavirus news delivered to your inbox by subscribing to our newsletter.