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
Closed sales of single family homes in Spokane Washington picked up for October after the market saw a small in September. There were 803 closed last month which is up 19.7% over the 671 closed sales we had the same month last year. Currently the Spokane housing market has just a little more than 2 months' worth of homes listed.
Year to date home sales through October sit at 6,773 which is an increase of 7.2% over the 6,316 homes sold by this time last year.
Year over year home prices continue to rise in Spokane as the real estate market continues to recover. This October had an average sale price of $227,773, which is 5.3% higher than last year. The year to date average sale price is up 7.1% over last year at $228,123.
The median sales price for October was $209,900 which was an increase of 5.5% over last October's median price of $199,000.
The year to date median price is $210,000. This is up 7.5% over last year at this time when the median price was $195,279.
Current inventory is the same as it was at this time last year with a total of 1,709 properties on the market. The supply is the same but the number of closed sales indicates that the demand has increased. The Spokane real estate market is still a seller's market.
Sales of newly constructed homes accounted for 83 home sales in October. This is an increase over the 72 in October 2016.
Though October showed an increase in new construction sales, year to date new construction is still behind last year with 627 new homes sold compared to 699 sold in the same period last year. New construction sales are down 10.3%.
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.