All figures reported here are for of single family homes on less than one acre (including condos) for January 2014.
In January 2014 the Spokane real estate market dipped a bit - as typical for this time of year in our area, although several key figures show improvement over last the same month last year. Prices tended to be a bit down but the number of sales, dollar volume of sales, new listings, total inventory all were higher. Most importantly, the supply and demand ratio showed the lowest months of inventory in at least six years.
January 2014 was had the most for closed sales in seven years. Two hundred eighty three (283) closed sales of residential properties on less than one acre including condo sales were reported for this past month. Compared to January 2013 sales are up 13.3% when 249 sales were reported. The dollar volume of sales was $46,604,446, which is 5.9% higher than the dollar volume from last January. Pending sales at the end of January stood at two hundred ninety three (293) which is also up 3.9% over the same month last year. This is the most pending sales in a January for the past four years.
However, average and median price are down compared to January last year. This month last year the average price was $176,708, this January the average sales price fell to $164,680 – down by 6.8%. In January 2013 the median sales price was $161,000, January this year it fell to $152,000 – down 5.6%. The drop in prices was driven primarily by REO sales nearly doubling this January (66) compared to January 2013 (36) as well as new construction sales being down.
The number of active listings typically dips dramatically over the winter, this year’s inventory of homes for sale held pretty steady. Inventory for this past month totaled 2,098 homes for sale; this is up 2.1% over the 2,055 listings this time last year. New listings were also higher than last January by 5.6%, this January new listings totaled 787, and last year it was 745.
The ratio of inventory at 2,098 to monthly sales at 283 give us 7.41 months of inventory. (The figures assume the same rate of sales and no new inventory.) This indicates the market is fairly balanced between buyers and sellers at the current time. Real estate analysts suggest that 6-9 months of inventory indicate a balanced market. Anything less than six months tends to favor sellers and inventories over 9 months start to give buyers the upper hand.
As stated above, new construction sales were down 25.5% compared to January of 2013, 35 closed sales this January compared to 47 for January 2013.