All figures reported here are for of single family homes on less than one acre (including condos) for June 2014.
2014 continues to reflect a strong demand in homes sales in Spokane. Inventories are up and sales are up even more.
June 2014 had sales totaling 600, 20% less than the 499 of June 2013 and up 8.9% over May's total. The dollar volume of sales was over $114.1 Million, which is 17.1% higher than the dollar volume from last June . Pending sales at the end of June stood at 569 which is up 10.9% over the same month last year.
Prices are going up! Average price is down slightly from last June, but the overall trend for average and median prices is on an upward trend. This month last year the average price was $195,284, this June the average sales price stood at $190,207 – down by 2.5%. In June 2013 the median sales price was $170,000, June this year it increased to $172,050 – up 1.2%.
Inventory continues to make a seasonal climb. The June inventory of 2,811 is about the same as the previous two years. New listings of 1,013 are down 12.4% from May but up 10.7% from June last year .
The ratio of inventory at 2,811 to monthly sales at 600 computes to a 4.69 month supplly of inventory. (The figures assume the same rate of sales and no new inventory.) This indicates the market is slightly favoring sellers and also the upward trend in prices. 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.
New construction sales for the year continue to lag 2013 figures by about 10%, but the total sales of new construction homes for June was up 26.5%.