Spokane-area home prices rise in January, inventory dips

The average price for a Spokane-area home rose to $256,000 in January, as low numbers of properties for sale continued to put pressure on prices.

The average sale price rose 14 percent compared to January 2018, when the average price was $224,500, according to the Spokane Association of Realtors.

The median sales price was $235,000 in January, compared to $208,500 a year ago.

The figures represent sales of condos and single-family homes in Spokane County on less than 1 acre.

While prices were up, the Spokane Association of Realtors said the number of sales in January dropped nearly 22 percent from a year ago. A total of 365 homes sold during the month, compared to 466 in January 2018.

A seller’s market is expected to persist in Spokane County this year, with demand for homes outpacing supply. About 840 houses are currently listed for sale, which represents an 11 percent decline from last year at this time.