Average sales price for Spokane-area homes hits $260K in February

Housing markets have cooled off in parts of the West Coast, but home prices continue to rise in Spokane County, where inventory remains tight.

February’s home prices were about $30,000 higher than they were a year ago, according to the Spokane Association of Realtors.

The average sales price was $260,469 in February, up 12.5 percent from $231,497 in February 2018.

The median sales price was $239,900, a 14.1 percent increase from $210,200 a year ago.

Higher interest rates last year slowed home sales in other regions, but the Spokane-area market continues to be a sellers’ market, particularly for homes priced at $300,000 and less.

Inventories of homes for sale have dropped nearly 15 percent from a year ago, according to the Spokane Association of Realtors. Currently, 788 condos and single-family homes on less than 1 acre are for sale in Spokane County.

That represents a two-month supply of homes for sale. A balanced housing market – where neither buyers nor sellers have an upper hand – requires four to six months of inventory, the Realtors association said.

The number of homes sold remained steady in February. A total of 401 properties changed hands during the month, nearly unchanged from 403 properties sold during February 2018.