October home sales in Spokane County

A total of 597 residential closed sales were reported in October, up 76 sales or up 14.6 percent over the previous month’s sales, according to the market activity information of the Spokane Association of REALTORS®. The information details sales for site-built homes and condominiums (on less than one acre) in Spokane County.

Compared to October ‘06, sales were down 42 or 7 percent. The average sales price for October was $210,729 and the median sales price was $189,500.The year-to-date closed sales through October ‘07 continue to be down 6.9 percent when compared to last year.

So far this year 5,989 residential closed sales have been reported compared to 6,433 over the same period last year. The year-to-date average sales price is $211,950 and the median sales price is $186,000. Compared to last year, the average and median prices are up 8.5 percent and 6.3 percent, respectively.

Inventory growth slowed in October with our current inventory of 3,106 homes, down 167 listings compared to last month. Inventory compared to last year is up approximately 20 percent or 519 listings. New construction sales reported through October ‘07 total 1,030 compared to 1,155 over the same period last year, down 10.8 percent.