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 housing market currently has 1.8 months' worth of inventory. When you take the 1,360 supply of homes currently on the market and divide it by the 705 homes sold over the last month which indicates the demand, it gives you a 1.8 month supply. Three to six months' supply is considered to be a normal active market. More than six months' is a buyers' market and less than three is a sellers' market. Supply is low and demand is high. Spokane is still in a strong sellers' market.
With 8,137 homes sold in 2017, the Spokane real estate market experienced its second most active year ever.
There was a 7% increase in market activity from the previous year. The chart below shows month over month market activity for the last four years.
Average sales price for December was $233,302. This is up 10.9% compared to December 2016 with a $210, 324 average sale price. The average sales price for the whole year was $228,732 which is up 7.8% from the year before when it was $212,189.
The median sales price was $215,000 in December which is up 12.5% when compared to last December's median sales price of $191,030. Median sales price for the whole year was $210,000 and this is up 7.7% over the median sales price of 2016 which came in at $195,000.
The housing inventory continues to be very tight in Spokane Washington. As of the end of 2017 there were 1,010 homes on the market and that is down 12.6% from same time the year before.
New construction sales finished 2017 at 790. This is down 7% with 60 fewer newly built homes sold than the year before.
Though the number of new home sales were down, the average sales price for new construction was up 13.2%. The average last year was $328,839 compared to $290,515 the year before.
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.