Home sales hit all-time high in Spokane County

More homes were sold in Spokane County in 2004 than in any prior year, according to the Spokane Association of Realtors.

The dollar volume generated also set a record, topping $1 billion for the first time, at $1.12 billion.

“The significant thing is that the market exceeded that of 2003, which was a record year,” said Rob Higgins, the association’s executive vice president.

In 2004, 7,681 homes changed hands, up more than 6 percent from the 7,219 sold in 2003. The average price for the year was $146,415, up 9 percent from $134,251 in 2003. The median price was $129,000, up 7.5 percent from $119,900 in 2003.

Higgins said he expects prices to continue to rise heading into 2005 at least in part because fewer homes are coming onto the market. At the end of December, only 1,341 homes were listed. Higgins said he prefers to see active listings closer to 2,000.

“The inventory is tightening, and the appreciation of value tends to go up when that happens,” he said. “I think we’re going to see another very good year, which is what we’re being told on a national level as well.”

As an indicator that the market is not slowing down in the colder months, 813 sales closed in December, up from 596 in November. Sales volume for December was $120 million, up from $93.5 million in November.

Realtor Kathy Bixler, of Tomlinson/Black South, has been selling homes for 20 years and said she saw more people buying homes as investments this year than before. Investors have bought homes mainly in the $90,000 to $115,000 range, planning to rent them out.

Bixler said she’s also seeing people who grew up in Spokane and moved away for jobs in Seattle and California returning to raise families.

“I think Spokane finally has a positive mode,” Bixler said. “It has been a good year. Listings have sold more quickly. Interest rates have helped tremendously.”