Spokane Real Estate Market
2015 Market Activity
The numbers for 2015 are in and the real estate market in Spokane Washington continues to be strong. The total number of home sales in 2015 was 18% higher than the year before. With 6,683 homes sold last year it was the best year since 2007. The average sale price was up 6% and the median sale price was up 7% from the previous year.
Ok, we can look at the graphs and see what the market has done but can we tell what the market is going to do? Yes, we can get a pretty good idea. The higher number of sales indicates that demand for homes in Spokane is high. There are 20% fewer homes on the market right now than there were a year ago. Simply stated; supply is down and demand is up.
We also know the annual market trends. The graphs on this page are all for the last three years. At a glance you can see that the market is fairly predictable throughout the year. A home sold in June will likely sell for 8% more than it would sell for today. A home that is priced correctly and listed in March or April will bring the highest price and have the quickest sale.
Interest rates are still very good but they are starting to go up just as predicted. This is going to force buyers who have been on the fence to strongly consider buying now. With interest rates going up and housing prices on the rise, it is better to buy sooner than later.
The market activity will go up and down a little throughout the year and so will the prices, but the fact is, home ownership is still the best investment out there. Homeownership is a long term investment though. If you buy a house next month and sell it 6 months later, you will likely lose money. Hold onto your home for 10 or 15 years and watch your investment pay off. Between now and then you can live in it, you need to have a place to live anyway.
written by:Todd Hays