January home sales highest in decade

Residential sales for January, 2007 out-performed any January this decade. Closed sales for January totaled 16 sales more than January of last year; or up 4.8 percent.

The average prices leveled off in January with the average sales price at $194,745, and the median prices at $173,361.

These prices are actually down slightly from January 2006 numbers when the average price was S196,059, and the median price for closed sales was $174,900.

New construction closed sales reported to the Spokane Association of REALTORS® were down some 25 sales from January of 2006.

Inventory of homes is up 630 homes or approximately 41 percent over January of last year.