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
Even with home inventory being at a historic low, the Spokane real estate market is very active.
There were 896 closed sales of single family homes on less than one acre in Spokane County in August 2018. A month over month comparison of August last year when there were 902 closed sales reveals a slight drop in home sales.
Seasonally, market activity is holding steady. The number of closed sales in August was exactly the same as it was in July.
Year to date closed sales through August were 5,547. This is 5.5% higher than last year for the same time period when there were 5,256 closed sales.
Housing inventory in Spokane County continues to be extremely low with a 1.6 month supply of homes on the market. As of the beginning of September, there were 1,460 single family homes listed on the Spokane MLS. If homes were to continue to sell at the rate of 896 homes per month and there were no new listings, Spokane County would run out of available homes in 1.6 months.
Inventory was tight by this time last year when there were 2,014 homes available but now there are even 28% fewer homes for buyers to choose from.
The average sales price in August was $260,812. When compared to the average sale price in August 2017 of $234,923 we see an 11% increase.
The year to date average sales price through August of this year was $254,007. This is an 11.9% increase over the year to date one year ago which was $226,898.
The median sales price for this August was $247,500. This is up 13.5% from August 2017 when the median priced home sold for $218,000.
The year to date median sales price by the end of August this year was $234,000. This is an 11.8% increase when compared to last year’s median price for the same time period of $209,391.
By the end of August there were 563 newly constructed homes sold in Spokane County this year. Last year there were 483 new homes sold by this time. Year to date, new construction is up 16.6%.
Overall, the Spokane housing market continues to be very strong illustrated by the very low number of distressed home sales. In August, foreclosures and short sales accounted for 1.9% of the total home sales in Spokane County. This is half of what it was this time last year when 4% of the total homes sold were distressed 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