Home Prices Slightly Higher

Housing sales and prices for homes in the Spokane Valley are up a bit this year, but houses typically are staying on the market a little longer than in 1995.

During the first six months of this year, 747 homes in the Valley were sold, according to the Spokane Association of Realtors. The average price was $122,933. In all of 1995, a total of 1,259 properties were sold. The average price was $120,480.

This year, houses have been on the market an average of 79 days before selling. In 1995, it took an average of 72 days.

“We’ve got this stair-step type growth here … gradually going up and then leveling off,” said John Orr, a Realtor for Tomlinson Black. “Right now, we’re at the point where we’re leveling off. But, we never have drastic, shoot-through-the-roof changes.”

Less expensives homes have been selling quickly. The 272 Valley houses that have sold for less than $100,000 this year have been on the market an average of only 50 days.

There are 784 houses listed for sale this week in the Valley, according to the Association of Realtors. That’s about average for this time of year, but because homes are moving a little slower, some sellers are beginning to drop their prices, Realtors said.

“There are a lot of homes sitting out there that are overpriced,” said Don Walker, communications director for the Association of Realtors. “The truth is the quality has to be there. The buying public is much more knowledgeable than ever before. So you’re not going to fool anybody.”

Orr said some sellers are offering to help buyers with loan fees or are willing to help pay down the interest rate on a buyer’s loan.

“Another good thing is that interest rates are still good,” Orr said. “They’ve been between 8 and 8-1/2 percent since 1995. We’re ahead of last year in terms of the number of sales go. There’s a lot of good value out there.”

, DataTimes