Spokane County’s median-home price broke records again in April as it soared to a historic high of $356,500.
The April average-home price represents a 27.3% increase over the mark for April 2020, which was $280,091, according to data provided from the Spokane Association of Realtors.
The new median closing price also came in higher than March, which was $341,750.
While the median home price has continued to climb as a result of demand outpacing the number of available properties, it remains below the western region’s median home price, which includes larger metro areas, such as Los Angeles, Seattle and Las Vegas.
The median price in the West was $493,300 in March, according to the National Association of Realtors. April data is not yet available.
“If you are in the West and you see $356,500 – that’s not that bad, comparatively speaking,” said Rob Higgins, executive officer of the Spokane Association of Realtors. “But for people in Spokane, it’s very significant.”
Some 612 single-family homes and condos on less than 1 acre sold in April, a 20.5% increase compared with 508 properties sold in April 2020.
The county’s housing inventory remained low in April with 188 available homes, which represents a 10-day supply. That means it would take 10 days to sell all homes available on the market. For comparison, the county had an inventory of 602 homes in April 2020.
Most real estate experts say a balanced housing market typically has six months of supply.
Even with the backlog of home buyers in Spokane’s competitive housing market, this month should bring an uptick in the number of new listings, which is expected to persist through the summer, J. Lennox Scott, chairman and CEO of John L Scott Real Estate, said in a recent housing report.
New listings were up 14.3% with 781 homes hitting the market in April, compared to 683 new listings in April 2020, according to the association.
“Hopefully, we can get more listings out there and that should give buyers more supply and more opportunity to look at properties,” Higgins said.