Spokane home sales set record in November

The Spokane area residential beat goes on as November closed sales set record numbers. The total of 662 residential closed sales is the highest total for a November recorded by the Spokane Association of REALTORS®.

Sales are up 10 percent over sales in November 2004. Monthly closed sales reflected the traditional dip from October sales. The average sales price for November topped the $180,000 mark for the second time this year, finishing at $183,637.

Year-to-date residential sales are running ahead of the record pace set last year by 6.1 percent. A total of 7,365 closed sales were reported this year through November compared to 6,941 during the same period in 2004.

The average residential sales price for the 11 months of 2005 was $169,602, up 15.5 percent over the same period last year when the average sales price was $146,882.

Inventory of active listings in November exceeded the active listings for the same period last year. November was the first month of this year when the inventory of homes for sale exceeded the figures from a year ago. New listings continue to run ahead of last year’s figures.

New home sales are up 22.6 percent over last year with closed sales of 1,233 in 2005, up from 1,004 reported a year ago.