Activities have slowed slightly from a year ago. March showed 511 sold properties and the prior year had 653 properties sold. However sales are starting to show a trend upward and especially in the pricing sector and once the momentum builds we should see a hot summer. The average sale price in the first quarter of the year shows 202,070 while the average median price is 175,000.
The number of homes for sale has gone up by 100 homes over last month and is only slightly higher from the amount of homes on the market last year. Currently there are 2,334 homes or condos available in Spokane.
New Construction is down from the prior year by about 27% most likely due to the fact that there are less new construction homes on the market than last year.

The commercial sector is absolutely booming right now and the way growth trends prove themselves typically is that if the commercial sector is booming all those business people that are in migrating to Spokane will need homes, when they start purchasing homes that will bring the numbers up and since most are coming from other markets that are typically higher priced, it won't be surprising to see the sales prices go up too.

Be prepared to see a flurry of properties sell and enter the market once school lets out and summer begins. Prices will continue to Trend upward and homes will just get more expensive as inflation continues. The cost of building a home continues to climb which brings up the sales price of an existing home. Hard to imagine that our children and their children will most likely have to pay double what we paid to buy our first home. The good news is this...some markets are looking at triple and quadruple what our market pays.
Forbes recently ranked Spokane as one of the top 20 best places in the U.S. to live and do business. Pay attention to all the new business growth we are going to see over the course of the year. In fact, BlueRay technologies a disc/DVD manufacturer is rumored to build a facility that will run 24/7 production to mass produce media discs. As Spokane grows our housing needs will change too.