Go Spokane Real Estate
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
With 917 closed sales, June was the second busiest month the Spokane MLS has on record but sales were actually down 3.8% when compared to the previous June which holds the record of 953 closed sales in a single month.
Home sales for the first half of this year in Spokane County set a new year to date record with 3,753 closed sales. This is more than a 6% increase over the first half of last year.
With only 1,422 active residential listings, inventory is down 24% from the same time last year when there were 1,871 active listings.
With the continued increase in demand and decrease in supply, both the average and median sale price continues to rise.
The average sales price for a single family home sold in Spokane County in June was $268,828. This is up 15.2% over the previous with an average sales price of $233,361.
Year to date, the average sales price is $251,178 which is up 12.6% compared to the same time last year.
The median sales priced home sold for $246,250 in June. This is up 13.9% from the previous June with a median price of $216,150.
Year to date the median sale price for a home sold in Spokane County was $230,000. This is 12.2% higher than the median price through the first six months of 2017 which was $205,000.
New construction sales are up 20.4%, 402 closed sales of residential properties on less than one acre including condominiums compared to 334 last year through June.
Foreclosures and short sales are referred to as distressed home sales. Sales of Distressed homes accounted for 2.1% of all home sales in June of 2018. This is down from June of 2017 when distressed home sales accounted for 2.5% of the total home sales.
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.
Written by: Todd Hays