Spokane Real Estate Market
August 2015 Market Activity
After the strongest summer selling season in almost a decade, the Spokane real estate market has started to slow down. As the days get shorter and the kids return to school we can expect the home sales in Spokane Washington drop off a bit.
Closed sale in August dropped off a little over 9% compared to June; which was the highest volume month in closed sales in quite a few years. With the number of active listings going down too, there is about 3.5 months' worth of inventory of homes for sale in Spokane. 3.5 months' worth of inventory would normally be considered a pretty strong sellers' market, but when you look at the rest of the picture you can see that prices will continue to come down.
The next few months would be a great time for buyers who have been out of the game to get back in. The houses that were priced a little high earlier in the season have likely had a few price reductions. After too much time on the market, a simple price reduction does not rejuvenate buyers' interest. Normal seasonal price drops, a stale inventory and frustrated sellers can make for a seasonal buyers' market. As a buyer, it is important to understand that this is a seasonal phenomenon that won't last. Next spring there will be another house feeding frenzy and we will have a sellers' market once again.
Sellers, this simply means hole up for the winter if you can. Unfortunately, life doesn't always wait for real estate market trends; if you need to sell, you need to sell. Been there!
What we are talking about here is seasonal trends. If you look at these charts for the past three years, you can get a pretty good feel for what's going on. This isn't rocket surgery! Whether you are a buyer or seller, use the seasonal trends to your advantage.
written by:Todd Hays