Spokane County’s housing market continued to be brisk last month with a lack of available homes for sale and the median closing price approaching $275,000.
The median closing price in Spokane County increased 16.3% in January to $273,418, compared with $235,000 in January 2019, according to the Spokane Association of Realtors.
Association Executive Officer Rob Higgins said its likely more homes sold in the $300,000 to $500,000 range than other less-expensive properties, thereby contributing to area’s the increase in median home price.
“It is unusual to see an increase to that extent, which means that the higher end of the market was a little bit stronger in January,” Higgins said.
County home sales rose 18% last month compared to January 2019, according to the association. More than 432 single-family homes and condominiums on less than 1 acre sold in January, compared with 366 homes a year prior.
A shortage in housing inventory continued in January, with 457 properties on the market representing slightly more than a month’s supply. A healthy housing market has a six-month supply of homes.
“The positive thing is we are selling homes as fast as they are coming on the market,” Higgins said. “If a person is wanting to sell and prices (the home) right, it’s going to go pretty quickly.”
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.