Spokane, WA Real Estate Market Rebounds

SPOKANE, Wash. - June 11, 2013 - PRLog -- Here is what the Spokane Association of Realtors says about May 2013 numbers: "the best May since 2007, that’s six years ago!"  The Spokane real estate market has seen a 33% increase in sales from April 2013 to May 2013, with average sales price increasing 5.7% over April 2013.

Comparing 2013 statistics to 2012, year-to-date sales are up 23.6%, while inventory is down compared to last year. New construction sales are up 69.6% over last year.

While these numbers reflect what happened in the Spokane Real Estate market last month, Five Star Spokane Real Estate Group at Keller Williams Realty keeps track of the numbers on a weekly basis, giving Spokane sellers the most accurate, up-to-date advice on pricing and negotiations. They provide sellers with a Total Market Overview (TMO), which is updated weekly and breaks out the amount of supply and demand, Days on Market, and List-to-Sales Price Ratio in each price range. The most current TMO shows that out of 4,298 homes currently on the market, 29.4% of those are pending. The price range with the highest demand and lowest supply is the $150,000-$175,000 price range, with over 38% pending ratio. That means that more than 1 out of 3 homes in this price range with a “For Sale” sign in the yard are under contract and no longer available for sale, higher than any time since 2006.

What do all these numbers mean for Spokane Home Sellers? Cindy Carrigan, Owner and Team Leader of Five Star Spokane Group at Keller Williams Realty says, "This is the perfect time for Spokane homeowners to capitalize on the peak of the market by selling their Spokane homes in the lower price ranges and purchasing larger homes while these low interest rates allow them to buy more home for the money than in recent history."

For a free copy of Spokane Real Estate Total Market Overview, contact Five Star Spokane Real Estate Group at 509.323.5555.