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
The low number of home sales and historically high prices in Spokane can be attributed to the continued low inventory.
Closed sales of single family homes on less than one acre including condominiums totaled 568 for April 2019. Compared to April 2018 closed sales are down 7%, when 611 closed sales were reported.
Year to date through April home sales in Spokane totaled 1,795 which down 14% compared to the same period in 2018.
The average sales price is up 7.5% from April last year, $273,820 compared to $254,378.
The year to date average home sales price in Spokane through April was $266,219, this is up 11.8% when compared to 2018 with an average price of $238,183.
The median priced home in Spokane sold for $254,975 in April compared to $231,095 last April. This is up 10.3%.
The year to date median sales price is $245,000 compared to $219,000 last year which is up 11.9%.
Housing inventory in Spokane is down 7% compared to April 2018. Current inventory as of this report is 1,083 properties.
Year to date new listings total 2,813 compared to 3,245 last year which is down 13.3%.
New construction sales are down 4.6% compared to last year through April, 229 vs. 240.
Foreclosures and short sales have accounted for only 2.5% of the total home sales so far this year. The low inventory and high prices are making distressed home sales a thing of the past.
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