Spokane Real Estate Market
October 2015 Market Activity
The numbers are in for October and the Spokane real estate market is still going strong. The green lines on the graphs below represent this year. As you can see, we are having the normal seasonal trends that you would expect. The market that is slowing down but when compared to the market activity of previous years there is improvement in every category. Here you can only see 3 years but we are actually having the best year that we have had in 10 years.
There were more home sales in October this year than have been sold the same month in several years. As of the end of October, year to date home sales in Spokane Washington were up 20% from previous year.
When you look below at active listings you see that inventory has been comparatively low and continues to be low. Active listings represent supply and closed sales represent demand. With supply being low and demand being high there is every indication that we will continue to enjoy this strong market into the future.
Average sale price is up 6% from last year at this time. The number of short sales and foreclosures has had a huge impact on the market over the past decade. The number of these distressed home sales has steadily decreased over the past few years. So far this year, distressed homes have accounted for 13% of the market compared to 17% just last year.
If you are considering putting your home on the market right now, if it is priced correctly it should sell. There are not as many homes on the market and that means less competition. There are fewer buyers but buyers that are looking this time of year are generally more serious. Understand that your home will bring 5 to 10% higher sale price in the spring but that is also 5 months of house payments away. If you are going to buy another home, you will pay less for it this time of year.
If you are considering buying a home, now is a great time. Prices are lower than they will be in the spring and sellers are motivated. The sellers who put their homes on the market this time of year usually have had some sort of life change that requires the sale of their home. The sellers that still have their homes on the market from the summer are likely frustrated and ready to get their home sold.
written by:Todd Hays