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
There were more homes sold last month in Spokane than have ever been sold in any January before.
Spokane County reported 464 closed sales of single family homes, which is an increase of 22.4% over the previous January with 379 closed sales.
The average home price in Spokane continues to steadily increase. The average closed sale price for January was $224,091. This is up 8.7% from January of last year when the average sales price was $206,176.
The median priced home in Spokane sold for $208,500 last month. This is 6.9% higher than January 2017 when the median priced home was $195,000.
The Spokane real estate market continues to be very low on inventory. At the end of last month there were 946 active listings for single family homes in Spokane County. The current inventory is down 18% from last year at this time.
Sales on new construction are up so far this year with 53 new homes sold in January this year compared to 48 last January.
Distressed home sales are down. Bank foreclosures and short sales accounted for 5% of total homes sales in January this year compared to 11.6% the same month last year.
Distressed home sales and new construction are both very strong market indicators. New construction is a positive market indicator and the number of distressed home sales is a negative market indicator.
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.