House gross sales in Spokane County, Washington, rose in October, marking the second consecutive month of 12 months – over – 12 months gross sales progress since 2018.
House gross sales rose 22.eight% over October 2018, based on knowledge from the Spokane Affiliation of Realtors.
Greater than 846 single-family houses and condominiums on lower than one acre have been bought final month, up from 689 in October 2018, based on the affiliation of Realtors.
Spokane of Realtors CEO Rob Higgins mentioned final month's housing determine mirrored closed dwelling gross sales in August and September.
Spokane skilled a number of days of air polluted by forest smoke in August 2018, which might have resulted in a decline in dwelling gross sales final fall, Higgins mentioned.
"I feel this episode has had a big impression available on the market," he mentioned.
He added that job progress and falling rates of interest might even have contributed to a rise in dwelling gross sales in October 2019 in comparison with the earlier 12 months.
Inventories remained secure in October, with 945 properties available in the market, representing a provide of 1.2 months. A wholesome market normally accommodates six months of housing.
Ken Sax, a delegated dealer at Keller Williams Realty, expects housing inventories in Spokane County to proceed for subsequent 12 months.
"As quickly as they arrange a brand new product, they purchase it," he mentioned. "I don’t assume that they will exceed the demand, so within the quick time period, I see the state of affairs slightly secure."
Higgins recalled that shares remained very tight, which may very well be the "new regular" within the Spokane market.
The median closing worth in Spokane County was up $ 265,000 in October from $ 240,000 in October 2018.
Spokane's median dwelling worth stays beneath the nationwide median worth of $ 280,200 for single-family houses.
Sax mentioned he expects dwelling costs in Spokane County to stay comparatively secure subsequent 12 months.
"We might see a slight enhance in costs, however nothing may very well be upsetting," he mentioned.
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