Spokane County median home price, sales were strong in March as pandemic began

Spokane County home sales remained strong in March, reflecting an abundance of market activity occurring prior to the coronavirus pandemic.

Spokane County home sales rose 19.4% compared to March 2019. More than 559 single-family homes and condominiums on less than 1 acre sold in March, compared with 468 homes a year prior, according to data from the Spokane Association of Realtors.

The median closing price in Spokane County increased 18.1% in March to $289,900, compared to $245,400 in March 2019, according to the association.

However, last month’s data mostly reflects contracts signed in January and February that closed in March, prior to Gov. Jay Inslee’s “Stay Home, Stay Healthy” order.

The county’s housing inventory increased slightly in March with 592 properties on the market, representing a 1.1-month supply. A healthy housing market has a six-month supply of homes.

Home sales, prices and inventory all posted gains during the first quarter of 2020, compared to the first quarter 2019, said Rob Higgins, executive officer for the Spokane Association of Realtors.

“But we were hit with the “Stay Home, Stay Healthy” order, so that is going to impact numbers for the second quarter,” Higgins said.