New Homes Sales Off In May

Thu., June 12, 1997

Sam Francis Staff writer

New home sales in the Valley took a hit last month.

Only 18 new homes sold in the Valley during May - a decline of more than 50 percent from May of 1996, when 37 newly built homes were sold.

Tony Higley, owner of Certified Appraisal, said last November’s ice storm and the bad weather that followed may have slowed construction of new homes, leaving builders still trying to catch up.

“I think Spokane is trying to get out of the terrible winter we had,” Higley said.

Valley residential real estate sales generated about $13.1 million last month, down more than $2 million from April.

May’s decline follows a downward trend during the first quarter of 1997. The number of homes sold - as well as home prices - was also down slightly during the first quarter of 1997.

The average price of Valley homes sold during May was $120,558. That’s down from $124,900 in April.

Pending sales - houses that came into contract - were up throughout the region, “which is real healthy,” Higley said.

The majority of Valley properties on the market range from $90,000 to $159,000. Most Valley buyers are looking for homes in that price range, said Higley.

The most expensive home sold last month in the Valley went for $400,000. The home is in a “premier location” in the Liberty Lake area, said Nancy Wynia, asscociate broker with Coldwell Banker Grand. Built in 1991, the luxury home has 2,135 square feet on the upper level, with 3 bathrooms and 2 bedrooms. The home also has a view of the lake.

“It was beautifully detailed, with high ceilings and marble countertops,” said Wynia.

Properties throughout Spokane County are selling faster than a year ago, according to a Spokane Association of Realtors report. The average selling time was 75 days.

That’s true in the Valley, too. Last month, 109 Valley properties sold after an average of 77 days on the market. In 1996, 121 homes sold after about 100 days on the market.

But faster doesn’t necessarily mean more.

A total of 409 sales were reported in May for Spokane County. Last year, 457 homes were sold.

South Hill home sales outpaced Valley home sales last month, with an average price of $132,337, the highest in the Spokane area. The Valley ranked second, and northwest Spokane was third with an average selling price of $102,150.

, DataTimes

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