All figures reported here are for of single family homes on less than one acre (including condos) for May 2013.
Spokane homes sales totaled 588 in May 2013. This is the strongest Spokane real estate market for a May since 2007, that’s six years ago! Last month sales totaled 442, this May's sales represent a 33% increase. Year-to-date (YTD) sales were 1,971, up 23.6% from 1,595 YTD sales for 2012. May 2013 sales volume is $108,267,010, up 40% from last May. YTD sales volume is $365,470,086, up 30% over January through May 2012 sales figures. Pending sales of 540 homes are also up 27.1% over May 2012.
Average sales price for May was $184,127 up 5.7% over April when the average price was $174,118. The average sales price is also up 5.6% from May 2012. Median price for May was $167,995 up 4.9% over April when the median price was $160,149. This figure is also up 5% over last May.
The YTD average sales price through May is $175,276 while the YTD median price is $161,000. Prices are up 5.3% and 5.9% respectively over 2012 totals.
The number of active MLS listings in Spokane for May 2013 is 2,678, this toal is a figure up 5.9% over last month. Last month's inventory was 2,528. However, compared to the inventory level of May 2012, this May's time inventory is down 1.5%. Last May the inventory stood at 2,720.
May's supply and demand ratio (also known as Absorption Rate) is 4.55 months. Stated another way, if sales continued at the current pace and no new listing came on the market it would take under six month to sell all the homes on the market. (2,678 listings/5882 sales). An inventory of 6-9 months of supply indicates a balanced market between buyers and sellers. This is just about the lowest supply-demand ratio in the previous four years. A supply demand ratio of 4.55 months of supply indicates the Spokane real estate market favors sellers, especially those homes listed at an approprieate price up to and around the average sales price
New construction sales continue their strong showing with 82 homes sold in May. Similar to last month, this figure is up 54% over the same month last year. Year to date in 2013, new construction sales are up 69.6% over the same period last year, (291 vs. 170.)