Spokane Home Market ‘Rock Steady’

For the second month in a row, Spokane County home sales outpaced last year.

In September, 450 homes changed hands, compared with 429 last September. The increased activity pumped $3.4 million more into the economy, according to the Spokane Association of Realtors’ Multiple Listing Service.

“The home market appears to be rock steady,” said Greg Benner, president of the Realtors’ Association.

Benner said, however, that the availability of homes is shrinking somewhat with 180 fewer homes on the market now than one year ago.

This year still lags slightly behind last year in terms of total number sold, but strong showings in August and September have helped. By this time last year, 3,561 homes had been sold, as compared with 3,500 this year.

Sales statistics through September show that homes are staying on the market slightly longer this year, 78 days as compared with 76 days. Homes are moving slowest on the South Hill, where the average sale time was 99 days. Homes are moving fastest in the Northwest section of the county, at 71 days.

New home sales as a percentage of the total market have dropped only slightly. By this time last year, 627 new homes had been sold - or 17 percent of the market. This year through September, 563 new homes have been sold, which is 16 percent of the market.

New home sales have been strongest this year in the Spokane Valley. Last month, 30 of the 135 homes sold there - 22 percent - were new. New home sales were weakest in the Northwest section of the county, where only 10 of the 129 homes sold were new.

, DataTimes ILLUSTRATION: Graphic: Home sales