All real estate is local, says Ken Sax, the Spokane Association of Realtors president.
That’s particularly true in Spokane County, where May’s median sales price of $240,000 masks a wide variation in home prices by neighborhood.
In Liberty Lake – the highest-priced area – the median home sales price was $372,320 in May. Prices in Spokane’s Qualchan and Eagle Ridge neighborhood were close behind at $350,000.
In Spokane’s East Central neighborhood, however, the median sales price was $151,125. The Perry District, West Central neighborhood and parts of northwest Spokane south of Francis also had median sales prices less than $200,000.
Median price comparison by neighborhood
“Spokane is made up of a lot of micromarkets, so what’s happening on the South Hill is not necessarily reflective of what’s happening in Otis Orchards, or the North Side, or Five Mile,” said Sax, designated broker at Keller Williams Realty.
“If a consumer wants a good idea of what the market is doing, consider which market you’re in,” he said.
Many factors influence housing prices, including the number of bedrooms and bathrooms, condition of the house and the school district. But consumers’ interest in particular neighborhoods, and the number of homes for sale there, are key to pricing.
In the greater Spokane market, homes generally cost more the farther they are from Spokane’s city core, Sax said. That’s because homes in outlying areas are usually newer and larger, and demand is higher, he said.
There are exceptions, such as Kendall Yards – a new neighborhood on an old industrial site north of the Spokane River near downtown.
Demand for housing in the Perry District also has risen in recent years, based on the area’s reputation as a lively, urban neighborhood, Sax said. In May, the median sales price in the Perry District was $194,250.
Despite the recent increase in home prices, the Spokane market still has inventory available in a wide range of prices, Sax said.
“When a consumer sees that Spokane’s median price is $240,000 … it doesn’t mean that much,” he said. “If you are considering buying or selling, it’s key to have information on the micromarket.”
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