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
Extremely low inventory continues to be the plague for the Spokane real estate market in 2019. Even with plenty of motivated buyers, sales are down 10.6%.
Spokane County residential sales of single family homes on less than one acre including condominiums totaled 681 in May, compared to 762 in May 2018.
Year to date home sales in Spokane County totaled 2,477 which is down 13.1% for the same time last year when the year to date total was 2,849 at this time.
The average sales price for a home in Spokane County this May was $285,189 which is an increase of 7.3% over May last year when the average price was $265,819.
The average year to date sales price through the end of May this year was $271,430. This is an increase of 10.5% over last year’s average of $245,574 for the same time period.
The median priced home in Spokane County sold for $262,550 in May. This is 9.4% more than the May of 2018 when the median priced home was $240,000.
Year to date through May, the median priced home sold for $250,000. That was 11.1% more than last year when it was $225,000.
As of this report, the inventory of single family homes in Spokane County was 1,219. This total is down 12.2% compared to the same time last year.
New construction closed sales reported to the Association’s MLS for May totaled 75 compared to 70 closed sales reported in May of 2018.
Year to date closed sales of new construction total 304 sales reported compared to 310 last year.
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