Spokane residential market remains strong

Residential sales continued to show a very strong market for Spokane in January. Compared to January 2005, sales are up 3.7 percent, according to the market activity report from the Multiple Listing Service of the Spokane Association of REALTORS®.

Both average and median sales prices were significantly up from January of 2005. The average sales price for January of 2006 is $195,513 while the median price was $174,000. These figures are up 29.8 percent and 30.6 percent, respectively, from the same month one year ago.

New construction unit sales were up a whopping 31.9 percent over sales reported in January 2005 with 91 reported sales compared to 69 new home sales a year ago.

Residential inventory of homes for sale is finally beginning to show signs of the more traditional market with an increase in inventory of over 200 homes or 17 percent over the figures from January 2005.