Spokane homes sales just off last year's pace in first half of 2020
Median closed price up 10% year-to-date
The number of homes sold through the Spokane Association of Realtors’ Multiple Listing Service is down 1% through the first six months of this year, compared with first half of 2019.
The MLS reports 3,261 single-family homes and condos on less than an acre were sold through June, compared with 3,283 in the year-earlier period.
Considering that sales in May were down 27% compared with sales in May 2019, Tom Clark, SAR president says, “Well, to be down just 1% for the year means we’re holding our own.”
Home sales in June were down 7.5%, with 713 homes sold compared with 771 the year before, Clark says.
“I don’t think we’re experiencing the doom-and-gloom that was originally forecast,” he says.
Meanwhile, the median price of single-family homes increased by just over 10% over the first half of the year compared to 2019’s figures, according to the association.
The median closed price through this year is $281,000 compared with $255,000 through June 2019, says the Realtors’ report.
The median price is the point at which half of sales closed at a higher price and half at a lower price. It’s often considered a more representative number than the average price.
The report says distressed sales made up less than 1% of sales through June 2020 compared with 2.1% through June 2019.
Overall inventory totaled 728 properties, which represents a single-month supply. Inventory last year stood at 1,335 properties, which was a 1.7 month’s supply, according to the report.
