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
A very active real estate market in Spokane slows down as winter approaches.
There were 743 sales of single family homes on less than one acre including condominiums this September. This is down 5% when compared to the same time last year with 782 sales.
Year to date there were 5,967 home sales compared to 5,645 last year. While month over month sales for September were lower this year, year to date we are still up almost 6% over last year.
The average price home in Spokane for this September was $236,325. That number is up 9.6% compared to last year the average sale price was $215,583. It is also the highest average home sale price for any single month in Spokane County ever.
The year to date average sales price was $228,159. The end of the third quarter last year had a year to date average of $212,533. The first three quarters of this year are up 7.4% over last year.
The median price home in Spokane this September was $215,000 which is up 7.2% from last September when it was $200,500.
The year to date median sales price is up 7.7%, $210,000 compared to $195,000 over the same time period last year.
Inventory is still very low with 1,918 homes on the market but it is higher than this time last year when there were only 1,898.
Year to date, new construction has accounted for 544 of the homes sold. Last year the same period of time yielded 627 new home sales. New construction is down 13% from last year.
Bank foreclosures and short sales accounted for 3% of the closed sales last month. This number is lower than it has been in over a decade.
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.