Time for housing data, friends. With the Zillow 2007 Q2 update in hand we explored a new offering: home type. It's a handy way to peel back the proverbial onion and see how condos are performing versus single-family homes. No need to dirty your hands, we did the work for you.
First off, year-over-year, the median current market value of all homes in Spokane County rose by 6.1% to $177,573 in Q2 of 2007. Of cities with significant populations Spokane Valley and Airway Heights saw the largest year-over-year change in median market value: roughly 10% ($184,930 and $125,954 respectively).
But let's look closer at Spokane and see how condos and single-families faired. For all homes the median
market value was about $169,000 - an increase of 5.3% year-over-year. Over the past year lucky condominium owners have seen their homes appreciated in value at almost twice what single-family owners of detached houses have (see chart). Most interesting though is the home size trend over the past year for condos and single-family homes. For condos, small seemed to see the most rapid rise in appreciation, jumping nearly 19% over the previous year, while large condos plodded along at only .9%. Single family homes also saw similar patterns in valuation. Both small and medium single-family residences appreciated around 6.5%, with large homes actually dropping in value -.4%.
So what could this mean? It's hard to say for sure, but it is possible that along with national trends in home size, people in Spokane are beginning to value quality over quantity. Or, it could simply mean that to just get into a house home buyers are having to look to smaller more attainable homes.
Zillow Size Notes:
small single family residence - < 1200 square feet
medium single family residence - 1200 to 1900 square feet
large single family residence - > 1900 square feet
small condo - < 1000 square feet
medium condo - 1000 to 1600 square feet
large condo - > 1600 square feet
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