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 758 closed sales of single family homes on less than one acre including condominium in May of 2018 in Spokane County. This is down 2.4% from May of 2017 when there were 777 closed sales reported but that’s not the whole story. The demand for homes is at least as high as it was a year ago but the inventory is very low making it difficult for buyers to find homes.
The Spokane real estate market is still a sellers’ market. The high demand is more clearly illustrated in the year to date statistics. With 2,836 homes sold through May this year compared to 2,583 homes sold by the same time last year we see a year to date increase of 9.8%.
As I mentioned above, Inventory continues to lag far behind last year. With a current inventory of 1,389 homes compared to 1,686 the same time last we see a 17.6% reduction in inventory.
Last year at this time there was 2 months’ worth of inventory on the market, which is very low. This year there is 1.8 months’ worth of inventory and that is even 10% lower than last year.
With MLS listings being supply and closed home sales being demand, when you apply the laws of supply and demand it is clear to see why home prices in Spokane Washington continue to rise.
The average home sales price in Spokane County for May of this year was $265,057, compared to $227,481 in May of 2017. This is an increase of 16.5% month over month.
The year to date average sales price through May was $245,479 which is up 12% over the average through May of last year which was $219,159.
The median priced home in Spokane County sold for $240,000 in May of this year. This is an increase of 15.4% over the median sales priced home the previous May which was $208,000.
Year to date, the median sales price through May of this year was $225,000. This is up 12.5% from the same period of time last year when the median price was $200,000.
New construction sales reported year to date through May totaled 306. This number is up 15.9% over the 264 new home sales through May last year.
Foreclosures and short sales are referred to as distressed home sales. Sales of Distressed homes accounted for 3.2% of all home sales in May 2018. This is down from May of 2017 when distressed home sales accounted for 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.