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
There were 737 closed sales of single family homes in Spokane County during September. This number is down 1.3% from September 2017 when 747 homes were reported sold. September was the fourth month out of the last five in which sales were down compared to the same month last year have. This would lead you to believe that the Spokane County housing market is slowing down.
There were 1,451 Homes on the market in Spokane County at the end of September which is slightly less than there were the month before, but when compared with the same month in 2017 when there were 1,918 homes on the market, we see that the inventory is down 24.3% year over year. As a matter of fact, every month this year has had significantly fewer homes on the market than the same month in 2017. When you look at the graph below, you will notice that in nearly every month for the past three years inventory was lower than the year before.
The reason month over month home sales in Spokane County are down compared to last year is because there is such a shortage of homes on the market. So, even though we have to conclude that the housing market is slowing down, the demand has actually been on the increase.
As you would expect with an increase in demand and a short supply, home prices in Spokane County continue to be on the rise. The average sales price for September was $259,472. This is up 9.9% from September last year when the average sales price was $236,161. The median price for September was $235,000, which is 9.3% higher than September of 2017 at $215,000.
Even with the year over year market trends being towards higher prices, seasonally prices will come down as we get into the winter months.
The year to date statistics here are for the Spokane real estate market through the end of September of this year which represents the first three quarters of 2018 and they will be compared to the first three quarters of 2017.
Year to date closed sales totaled 6,286. Last year there were 6,003 closed sales by this time. Year to date closed sales are up 4.7% over last year.
The year to date average sales price is $254,733 compared to $228,051 last year. The year to date average sales price is up 11.7%. The median year to date sales price is $234,632, which is up 11.6% compared to last year when it was $210,000.
New construction home sales in Spokane County are up 14.7% with 626 homes sold year to date compared to 545 last year.
Sales of Distressed homes accounted for 1.6% of sales in September 2018 compared to 2.9% in September 2017.
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