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 real estate market just saw its best August in closed sales since 2005. There were 821 closed sales of single family homes on less than one acre including condominiums last month. Total year to date sales in Spokane are at 4,836 which is up 5.4% when compared to 4,590 sales over the same period last year.
At $215,382, the average sales price was up 6% when compared to the same month the year before with an average sales price was $203,267. The year to date average sales price is $212,087 which is up 8% when compared to last year's average sales price through August of $196,451.
At $199,900 the median sales price was up 8.1% when compared to August 2015 with a median sales price of $185,000. The year to date median sales price is up 8.5% at $195,000 compared to the same time period last year with a median price of $179,144.
Inventory is down. There were 2,035 properties for sale at the end of August. This is 15% lower than the same time last year with an inventory of 2,400.
Year to date new construction sales are up 17.2% There were 539 new homes sold by the end of August compared to 460 over the same period last year.
written by:Todd Hays
The Housing Bubble
When discussing the Spokane real estate market it is likely that reference will be made to the "Bubble" that accrued about a decade ago. With the dramatic increase in market activity that we have been experiencing lately, comparisons are being made to this bubble. In order to draw any value from these comparisons, it is important to understand this housing market bubble.
For many years the housing market in Spokane was steady with home values increasing at a consistent predictable rate. Unlike the more active housing markets around the country, Spokane had never experienced a housing market bubble. Beginning back in 2005, that was all about to change.
While many of the more active markets around the country were already seeing a decline in market activity and home prices starting to come down, in 2005 Spokane was just getting started. The market activity was starting to increase and the home prices were increasing at a faster rate than their status quo that had been so predictable in the past.
The summer of 2006 brought more sales and less inventory. Coming into June there was only 2.63 months' worth of inventory which is the lowest supply that has ever been recorded in this market. The highest number of closed home sales Spokane has ever seen was August of 2006 and the second highest was June, of that same summer. There had never been a more active housing market in Spokane and there hasn't been one since.
Was this the bubble? Nope, as you would expect to see with this kind of increase in demand and such a short supply, prices continued to increase through the summer and on into the fall. The seasonal market slowed down in the cooler months as you might expect. Many homeowners who saw this as an opportunity to get top dollar for their homes were getting their houses ready to put on the market.
Coming out the gate, the spring of 2007 had a lot more homes on the market then '06. There were a lot of homes on the market and in keeping with the market stir; they were priced at a premium. Summer of 2007 did not see quite the market activity in terms of homes sold, as '06 but they were selling for a lot more money.
The housing prices in Spokane peaked out in July of 2007 with the average sale price at over $221,000 and the median priced home at $196,000. To understand what was happening at the time, it is important to keep in mind that these homes that closed for top dollar in July were actually sold in June or even as early as May. At this time the inventory was already starting to build. As more and more Johnny list latelys were jumping on the wagon, inventory continued to swell. Ultimately, many of these homes were not going to sell.
The fall of 2007 saw almost twice the inventory as the previous year. To make matters worse, they were overpriced. There has to come a time when you just completely out price your buyers and that time had come. This is why September of 2007 marks the actual burst of the bubble.
In conclusion, the bubble started in summer of 2005. Summer 2006 saw the greatest market activity in Spokane ever before or since. 2007 saw the highest prices. Many sellers would reap the top of the market prices but with the increasing inventory, many more wouldn't sell their homes at all.