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
Year to date closed sales for single family homes in Spokane County continue to run ahead of last year. Through August 5,222 homes have closed compared to 4,863 last year over the same period of time. This is an increase of 7.4%.
There were 903 homes sold in the month of August. When compared to last August with 821 closed sales, we are up 9.2%.
The Average sales price for those 903 homes was $234,671, which is up 9.3% from the previous August when the average sales price was $214,693.
With a year to date average of $227,025, we are up 7.1% compared to last year with a year to date average of $212,043 by this time.
Median sales price is also up. Month over month it is up 9.5% when you compare last month's median price of $218,000 to the same month the year prior with a median price of $199,000.
Year to date is the same story with this year's median sales price of $209,900 being 7.7% higher than last year's of $194,950.
Inventory is still low. With 2,014 homes on the market in Spokane County the first day of September, there is only a 2.2 month supply of homes on the market.
The month over month gap in home inventory has closed up for the first time this year with only 1% fewer homes on the market than last year.
With 87 new homes sold in August, the sale of new home was up compared to 77 the same month last year. Year to date there were 482 newly constructed homes sold by the end of August this year which is down 10.7% when compared to last year's year to date of 540, so overall new construction sales are still down for the year.
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.