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Spokane County home sales continue to lag

Although the coronavirus is affecting the national housing market, Spokane Realtors say the local market remains largely unaffected with low housing inventory and multiple offers persisting among buyers. (Kathy Plonka / The Spokesman-Review)
Although the coronavirus is affecting the national housing market, Spokane Realtors say the local market remains largely unaffected with low housing inventory and multiple offers persisting among buyers. (Kathy Plonka / The Spokesman-Review)Buy a print of this photo
By Amy Edelen amye@spokesman.com(509) 459-5581

Low inventory and rising home prices in Spokane County persisted in April, as the sale of houses and condominiums continue to lag this year when compared to the first four months of last year.

Year-to-date home sales have declined 13.9%, according to data from the Spokane Association of Realtors.

The numbers show that Spokane continues to be a strong sellers’ market. The average home price is up 11.7% so far this year to $266,146.

“There’s certainly not a lack of buyers,” said Rob Higgins, director of the Realtors association. “The demand is there.”

A recent national survey by Realtor.com ranked Spokane the fourth hottest market out of 300 cities. The survey measured listing views by property and the average amount of time a home is on the market.

There were 1,796 single-family homes and condos on less than 1 acre sold in the January through April period, compared with 2,087 properties during the same period in 2018.

“We’ve been on a slowdown since last summer. Sales looked about like I expected,” Higgins said, adding he’s anticipating home sales to decline further by the end of the year.

In April alone, home sales declined 6.9% compared to April 2018. The average sale price of $273,576 in April 2019 was 7.5% higher than in April 2018.

Realtors across the city are noting that sellers often receive multiple offers of homes, especially for those listed below $300,000.

Now that the weather has warmed, it’s expected that more homes are likely to be put up for sale.

But there still won’t be enough homes on the market to bring more balance between sellers and buyers.

Inventory decreased 11.2% in the first four months of this year compared to last year, with 1,035 properties on the market in April. That represents a 1.8-month supply, according to Realtors association. A healthy housing market typically contains about a six-month supply.