Go Spokane Real Estate
Welcome to Go Spokane Real Estate where you will find up to date information on the Spokane housing market and resources for both home buyers and sellers.
Home Buyer Education
Zero Out of Pocket Financing
I teach a Washington State Housing Finance Commission sponsored Home Buyer Education class. I co-teach this 5 hour class with a trusted lending professional from Umpqua Bank. This is a free class. Not only is there a lot of great information for the perspective home buyer, but class completion is required for eligibility to receive a 0% interest state bond loan to cover down payment on your home mortgage.
Next Class: Saturday, April 18, 2015 10:00am to 3:30pm on the South Hill
Spokane Real Estate Market
February 2015 Market Activity
The Spokane Association of Realtors has released the numbers for February, 2015. As you can see by looking at the top two graphs below, prices are going up, way up. Both the average sale price and the median sale price for homes sold in Spokane were higher than any February in the last 6 years. The average sale price was 7% higher than it was the same time last year and the median price was 8% higher. For an explanation of the difference between average and median sale prices, see the article below in the column to the right.
Seeing this kind of increase is clearly a good sign for sellers, but it is also a good sign for buyers. Just a few years ago when home prices and interest rates were both at record lows, many home buyers were reluctant to buy homes. This is largely due to the fact that they had lost confidence in the housing market. They had seen the market fall and questioned whether homeownership was a sound investment anymore.
The Spokane housing market is still in a recovery phase. Even though the market is looking better than it has in several years, prices are still not where they were 8 years ago. This means that homeowners that bought their homes 8 years ago at the peak of the market still can't sell their homes without taking a loss. Some can't afford to sell their homes at all.
With the prices on the rise, as you would expect, more would be sellers are putting their houses on the market. This is why we have seen the number of active listings increase almost 10% in the last month. This is to be expected considering that the active listings had been on a steady decline the last half of last year. This will be welcome news to buyers because in recent months Inventory has become more and more limited.
Closed sales showed a slight decline last month when compared with the previous month but increased from the year before. Spring will begin the time of year when the real estate market here in Spokane really starts to pick up. With the market recovery that we have been seeing lately, the early spring weather and the continued low interest rates, I fully expect this to be a great summer for Spokane real estate. For a full report on the Spokane real estate market in 2014, go to "The News Room".