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 trusted lending professional from Umpqua Bank. 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
Market Still Improving
The Spokane housing market is getting stronger and most data indicates that it will continue to get even stronger still. 10 of the 12 months in 20014 the median price home sold was higher than the same time the year before. When comparing the mean average sale price, there was improvement 7 out of the 12 months. When looking at the graphs below that indicate median and average sale price, you can clearly see that 2014 was better than 2013 and 2013 was better than 2012.
When I say better, I mean better for sellers and better for buyers. Sellers have more equity in their homes and can afford to sell them which means there are more homes on the market for buyers. Buyers like to see an indication that home ownership is a good investment and a steady increase in price over time helps build this confidence. As we all know, sellers are most often buyers too, and buyers will someday be sellers.
In all these graphs you can see seasonal trends. These trends really stand out when one year is laid on top of another. Whether buying or selling it is good to be aware of these seasonal trends but when comparing one year to the next it is best to compare same month to same month. In other words March to March and July to July.
When looking at the closed sales graph and comparing closed sales over the last 3 years we can see a definite increase indicating improvement. Market activity tends to be good for buyers and sellers. When we look at the active listings over the last 3 years we see an overall decrease in the number of homes on the market. Homes are still being put on the market, this just means that they are selling.
When you look at active listings as supply and closed sales as demand, you can see that supply has been decreasing while demand has been increasing. As you would expect with an increase in demand and decrease in supply, the prices have been going up. The trends that we see with supply and demand are not the results of the prices that we see. Just the opposite is true. The rules of supply and demand dictate what we will see in the future. With that in mind, we will continue to see the Spokane housing market improve.