Spokane Real Estate Market Still Hot
Despite media predictions for doom and gloom in the real estate market in general, the Spokane Washington real estate market is still HOT! While we are not operating at the fever pitch of the last couple years, our market is still very strong. If you are looking to invest, you should look at Spokane.
Zillow compared 66 metropolitan statistical areas (MSAs) and ranked Spokane 5th in the nation for appreciation!
-- Highest-appreciating metropolitan areas (year-over-year):
-- Grand Junction, Colo. (18.6%)
-- Corvallis, Ore. (11.2%)
-- Charlotte-Gastonia-Rock Hill, NC-SC (9.0%)
-- Eugene-Springfield, Ore. (6.9%)
-- Spokane, Wash. (6.1%)
-- Seattle-Tacoma-Bremerton, Wash. (5.3%)
(From Zillow's national Q2 2007 Home Value report, at http://www.zillow.com/quarterlies/QuarterlyReports.htm.)
Statistics from our local Spokane MLS year-to-date through June show our average sales price is still on the rise, with appreciation during the second quarter of 11.2%. The average sale price at the end of June was $209,308
versus $188,248 at the end of June, 2006.
Total production was also up with $64.2 million more in home sales so far this year over 2006. Our listing inventory has increased over this same time last year with 1,263 more listings coming on the market. This increase in supply has prompted a slight slow-down of our market, but with interest rates still low there is still a steady demand from buyers.
If you are thinking of buying or selling in the Spokane area, call me today. 509-270-0782