Local Realtors say Spokane, Washington is experiencing a revitalized housing market, thanks in part to continuing low interest rates and new growth.
"The Spokane area real estate market remains strong as we move through the summer," says Realtor Joe Garst. "Year-to-date home sales are up nearly 20 percent for the first half of 2004, compared to the same period last year. During the hot days of July and August, many sellers are noticing some slow down in showings as summer vacations, days at the lake and other outdoor activities become priorities. July sales were very strong but newly listed homes are down, creating a greater inventory shortage. The time may be good for sellers hoping for a quick sale, prior to the normal winter slow down.
He adds, "As the market continues to grow, some buyers have expressed concern regarding our recent appreciation. Consider Federal Reserve Chairman Alan Greenspan comments in a July 20 testimony before the Senate Banking, Housing, and Urban Affairs Committee where he states that there are no indications of any abrupt or significant about-face in the housing market."
Explains Realtor Mike Baumgarden, "Sellers are enjoying a competitive buying market so far this year, receiving multiple offers and sometimes receiving offers over asking price. Buyers are enjoying low interest rates and lots of inventory to choose from as long as they don't wait too long to make their offer. A total of 358 Homes sold in Spokane County during the month of February , 69 of those homes were new construction. Year-to-date sales through February of 2004 were 618. The average sales price was $127,900, while the average sales price of new homes was $201,713. Year-to-date dollar volume through February was 83.3 Million, up from 82.3 million the previous year."
"Spokane and surrounding areas are experiencing new growth and area revitalization," says Realtor Marci Tanzer. "Homes are selling and available in all price ranges.Interest rates continue to be attractive and favor the home buyer. Spokane is experiencing lots of new growth and development. The revitalization of the downtown area continues to add to Spokane's appeal."