Home Sales Match Last Year’s Pace

Spokane County home sales last month mirrored January of 1996.

This January, 237 homes were sold, compared with 243 last January. The average price was $108,496 this year, compared with $109,410 last year.

New homes accounted for 46 of the sales this January, compared with 47 last year, according to the Multiple Listing Service of the Spokane Association of Realtors.

The only noticeably different factor, indicative of a buyer’s market, is the time it’s taking to sell a home. It took an average of 84 days to sell a home last month, compared with 78 days in January 1996.

“The market time is extended,” said Rick Shulman, an associate broker with John L. Scott. “We’d rather see it down around 60 days.”

Still, it was a strong start to 1997, said Greg Benner, president of the Realtors association.

“Last month, even with some comparably bad weather, a total of 237 properties have new owners. That’s a good start for the first of the year,” Benner said.

In January 1996, sales made a 34 percent leap over January 1995. Though 1996’s home sales market started off gangbusters, it cooled off considerably during the summer and ended up behind 1995. Market analysts say the market is returning to a steady sales pace after the boom years of the early 1990s.

“We have very low mortgage rates available for buyers which will allow them to buy more home for less money,” Benner said, “and our inventory is excellent.”

, DataTimes ILLUSTRATION: Graphic: Home sales