Spokane County home sales drop dramatically in March
While home prices in Spokane County were on the upswing in March, sales dropped dramatically compared to last year.
Home sales declined more than 24% compared to March 2018, marking the largest year-over-year decrease in five years, according to data from the Spokane Association of Realtors.
Association Executive Director Rob Higgins attributed the drop in March home sales to poor weather in February and more activity in the market in March 2018.
“It’s my belief that numbers will look better in the second half of this year,” he said.
More than 459 single-family homes and condos on less than 1 acre sold last month, compared to 607 properties in March 2018, according to the Spokane Association of Realtors.
Although home sales dropped in March, Spokane County remains a seller’s market. Inventory decreased 12 percent over last year, with more than 894 properties listed on the market in last month, representing a just less than a two-month supply. A balanced housing market – where niether sellers nor buyers have an advantage – typically contains a six-month supply.
The median home price in Spokane County was up more than 12 percent at $245,800, compared to $219,000 in March 2018.