Welcome to Go Spokane Real Estate where you will find up to date information on Spokane real estate. Here you will find valuable resources whether you are looking to buy or sell a home in the Spokane area.
If you are looking at homes for sale in Spokane or the surrounding area, you can search the Spokane MLS. You can use your own custom search criteria or the home search map feature. I teach a home buyer education class in Spokane where you can learn more about the home buying process including home mortgage and many different home loan programs available.
If you own a Spokane home that you are considering selling, you will find information to help decide if now the right time to sell. Here you will see the latest statistics regarding the Spokane real estate market. There is also information that will help you price your home correctly and understand the importance of a good marketing plan.
Spokane Real Estate Market
The Spokane housing market currently has 1.8 months' worth of inventory. When you take the 1,360 supply of homes currently on the market and divide it by the 705 homes sold over the last month which indicates the demand, it gives you a 1.8 month supply. Three to six months' supply is considered to be a normal active market. More than six months' is a buyers' market and less than three is a sellers' market. Supply is low and demand is high. Spokane is still in a strong sellers' market.
The real estate market in Spokane has slowed down as expected for winter but it is still up 15.6% over last year when compared month over month and 12.2% higher when you look at year to date sales.
The average single family home in Spokane sold for $231,512 in November. This is an increase of 12% over November 2016 when the average was $206,701. The year to date average sales price is up 7.6%; $228,469 compared to $212,384.
The median price was up 8.9% month over month at $209,950 compared to November 2016 when the median price was $192,750. Year to date has a very similar story with a median price increase of 7.7% with tis November at $210,000 and last November at $195,000.
If there is anything limiting the number of home sales in Spokane, it is the lack of inventory. There are very few new listings coming on the market right now. Most of what we see is the leftover inventory from the summer and most of them are overpriced houses that buyers have become disinterested in.
New construction sales are still behind last year with sales through November at 696 homes. Last year by this time 767 new homes had been sold. That is a decrease of 9.3%. Just like the sale of previously owned homes, much of the limitation here again is in the supply.
Nearly all the new homes are sold before they are completed. New home construction is profitable in this market, so you may wonder why they don't just build more. With new construction there are many other factors like building permits, materials and subcontractors that are part of the equation.
written by:Todd Hays
Buying in a Seller's Market
Spokane home byers looking at homes in the median price range are going to find the market quite competitive. Homes get bought very quickly, often times with multiple offers. Even when they go under contract it is not uncommon to see a backup offer.
Where have all the good deals gone? You are not as likely to find desperate sellers willing to except lowball offers and sell their homes below market value like was the case just a few years ago but there are still good values out there. They just don't stick around for long.
When you look at the current inventory you see a lot of over priced homes in poor condition. You look at a dozen or so overpriced homes the first weekend out and become frustrated. Then on Tuesday a home comes on the market that you may be interested in. You look at it on Wednesday and that evening it is already under contract.
This happens another time or two before you move on something more quickly and get an offer in. You may need to put offers in on three or four before something is accepted. Even then they may have a backup offer so you can't get too crazy with the inspection contingency.
Meanwhile, most of those first dozen homes you looked at are still on the market. Bottom line, more than 80% of what is on the market is overpriced. OK, at least half of what comes on the market is priced correctly so why is 80% of the inventory at any given time overpriced? The homes that are priced correctly sell quickly but the overpriced ones stay on the market a long time affecting this statistic.
How is the best way to approach this market? Get pre-approved by a lender and know your price range. Make a list of needs and wants with an emphasis on needs so you don't make a purchase you later regret. Know your market and look at new listings as soon as they come on the market. Be ready to write strong offers and wright them quickly.