Spokane-area housing prices took another big leap in April, with the median sales price topping $231,000.
In March, the median price for condos and single-family homes on less than 1 acre was $219,000, according to the Spokane Association of Realtors. In April 2017, it was $200,000.
Local housing prices typically peak during the July-to-September period, said Ken Sax, president of the Spokane Association of Realtors and designated broker at Keller Williams Realty. So, there could be more escalation to come.
Sax expects the seller’s market to continue: The inventory of homes for sale isn’t keeping pace with demand. Competition for homes is putting pressure on prices, he said.
“Everybody is hearing the market is crazy for sellers and they’re getting multiple offers,” Sax said. “Sellers are putting their house out there and being aggressive.”
But in some cases, sellers have inflated expectations of their house’s worth, he said. In the past seven months, Sax said he’s seen a trend toward overpricing in the local real estate market.
He encourages sellers to act quickly to reduce the price if they don’t receive offers shortly after the house is listed.
“The market has a very good way of communicating,” Sax tells his clients. “If we don’t get any activity, we are offensively overpriced.”
Local journalism is essential.
Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.
Subscribe to the Coronavirus newsletter
Get the day’s latest Coronavirus news delivered to your inbox by subscribing to our newsletter.