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
Home sales in Spokane County this July totaled 850. Compared to July last year sales were down 5.5%.
Year to date sales through July totaled 4,094 which were down 12.4% compared to 2018 when through July when the closed sales totaled 4,671.
The average home sales price for July was $298,337. Compared to July last year when the average home sales price was $259,059, the average is up 15.2%.
The year to date average sales price for 2019 is $280,398 compared to $252,609 over the same period last year. This is an increase of 11%.
The median home price for July was up 14.9% this year at $270,000 compared to $235,000 last year.
Year to date the median home price was up 12.1% through July. This year it was $257,875 and last year it was $230,000.
Inventory continues to be the head wind for home sales in Spokane County. As of this report our inventory stands at 1,428 homes compared to 1,466 homes at the same time last year, inventory is down 2.7%.
New construction sales in Spokane County July total 460 compared to 481 last year. New Construction sales are down 4.4%.
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