The Valley Leads The Way In Numbers Of New Homes Sold

The Valley led the Spokane area last year in the number of new homes sold.

In 1997, 301 new homes were sold in the Valley. That compares with 181 new homes sold in northwest Spokane, 158 on the South Hill and 64 in northeast Spokane.

Continued suburban growth in Liberty Lake and elsewhere helped the Valley lead the way.

“The Valley has become a growth corridor,” said Jan Ekstrom, owner of Janek Co.

In recent years, subdivisions such as Bella Vista and MeadowWood in Liberty Lake have continued to grow, contributing to the new home inventory, she said.

“A good portion (of new homes sales) has shifted to the Valley,” she said.

The average price of a new home sold in the Valley last year was $153,267.

The average price for all Valley homes sold in 1997 was $126,004, up from $123,540 in 1996.

The most expensive area of Spokane last year was the South Hill, where the average price was $128,404.

In the south Valley and Liberty Lake, 811 homes sold last year at an average price of $130,740. The previous year, 929 homes sold, with a average price of $128,521.

In the north Valley and Millwood area, 326 homes sold, with an average price of $113,061. In 1996, 291 homes sold at an average price of $107,476.

In the northeast Valley and Newman Lake area, 20 homes sold with a average price of $140,967 in 1997. In 1996, 30 homes sold with an average price of $129,698.

Valley homes stayed on the market only slightly longer in 1997 than the year before, taking an average of 74 days to sell last year compared with 70 days in 1996.

“It was a reasonable, stable market,” Ekstrom said.

She predicts 1998 will be a good year for the Valley because interest rates are low and consumer confidence is high.

And new home inventory isn’t getting flooded. Building permits are down for the year, she said.

In December, Valley home sales were down 8 percent from the previous year, and the average price for a Valley home was $117,381, compared to $121,489 in December 1996.

In the south Valley and Liberty Lake, 81 homes sold in December at an average price of $119,947. The previous December, 103 homes sold at an average price of $127,444.

In the north Valley and Millwood area, 40 homes sold. The average price was $111,730. In December 1996, 29 homes sold at an average price of $98,218.

, DataTimes ILLUSTRATION: Graphic: Valley home sales drop