Go Spokane Real Estate
Welcome to Go Spokane Real Estate where you will find up to date information on the Spokane real estate market. Here you will find valuable resources whether you are looking to sell your home or buy 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
680 homes were sold in Spokane County in October. This is the number of closed sales of single family homes on less than one acre including condominiums on the Spokane MLS; the blue line on the graph below represents this year.
This number is down 16% compared to October 2017 when 810 closed sales were reported. The demand for homes has not gone down since last year, the inventory is just very low which makes it very challenging for buyers to find a home that fits their needs.
Even with a remarkably low inventory this whole year, the year to date sales through October were actually up 2.3% over last year’s. So far this year 6,968 home have sold, compared to 6,813 over the same period last year.
The average home sale price in Spokane for October was $264,224, compared to October of 2017 when it was $227,529 we see an increase of 16.1%.
The year to date average sales price is was $255,689 at the end of October compared to $227,989 the same time period last year. This is a 12.1% increase.
The median sales price for this October was $240,000, which is up 14.3% compared to October last year.
The year to date median sales price through October was $235,000 this year compared to $210,000 by the same time last year. This is an 11.9% increase.
The continued price increase of homes in Spokane County can be largely attributed to the persistently very low inventory that we have been experiencing. As of this report there were 1,333 homes on the market in Spokane County compared to 1,709 the same time last year. Inventory is down 22% from last year and if this continues, it will continue to drive the prices up.
Seasonally we will continue to see the number of home sales, as well as the sale prices continue to go down through the rest of the year. This is a seasonal trend that is clear to see when looking at these charts.
New construction sales were 78 for October this year. While this is down 7.1% from last October, 705 new homes have sold year to date and this is 12% higher than last year at this time.
Short sales and foreclosures combined, accounted for only 1% of total home sales in October. This is the lowest it has been in well over a decade.
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.
Written by: Todd Hays