Go Spokane Real Estate
Welcome to GoSpokaneRealEstate.com
Home Buyer Education
Zero Out of Pocket Financing
I teach a Washington State Housing Finance Commission sponsored Home Buyer Education class. I co-teach this 5 hour class with a lending professional. This is a free class. Not only is there a lot of great information for the perspective home buyer, but class completion is required for eligibility to receive a 0% interest state bond loan to cover down payment on your home mortgage.
Call for next class date: 509-844-7354
Spokane Real Estate Market Activity
Sales Up and Inventory Down
The number of homes sold in Spokane in October was up. It was up 11% when compared with the September. It was also up 6% compared to October of last year.
Listings were down in October. Active listings represent the inventory on the market at a given time. The inventory has been steadily declining over the last 3 months. There were 7% fewer listings in October then there were in September. There were 4% fewer listings this October than there were the same month last year.
The trend of fewer listings over the past few months can be attributed to seasonal changes in the market. The number of closed sales can also be explained by seasonal trends. But when we compare the numbers to the same month from the year before, we can clearly see that sales have gone up and inventory has gone down.
When you consider that inventory is supply and closed sales are demand it is clear that the Spokane real estate market is picking up. As you would expect to see with higher demand and lower supply, the prices are on their way up. The prices are certainly affected by the seasonal market changes, but when you compare the average price in October to what it was a year ago you will see a 9% increase in price. The median price is also up 5% from the same time last year. See the article in the column to the right to see the difference between the median price and the mean average.
What this means to the buyer is that the housing prices are coming up, but because the market is at a seasonal low right now, it is a good time to buy. The prices are lower now than they were a couple of months ago but the market will be picking up again in the spring. There is every indication that the market will be stronger next summer then it was this past summer. You may be seeing the lowest home prices right now that you will see for a long time. Interest rates are also still very low, but this won't last forever either.
For sellers this means this spring should be a good time to put your house on the market, especially if the mortgage interest rates stay down. Lower rates mean more qualified buyers for your home. Between now and the spring is the time to get your home ready for the market.