Looking at the data from Closed Sales January through May, I’m seeing that prices are holding firm and sellers on average are getting between 97% and 98.5% of their asking price. Granted, this does not account for any price reductions and time on market, but what it does tell us is that when a property is priced correctly, Spokane buyers will pay the price. Pricing is very important.
Our best month for closed transactions (Jan-May) was March with 978 closed transactions, but March was also the lowest average price per transaction at just over 200k. Since then the transactions have leveled out to between 559 and 627 and the average transaction price has climbed between 209k and 213k.
Sellers gave up more in January and March taking home between 97.12% and 97.6% of their asking price. May was considerably better with 98.39% (a couple thousand dollars based on the average sale price).
For a graphical review of this report, click here.