As October is coming to an end and the weather is turning cold, the real estate market in Spokane is still hot. The current market is shifted from 1.2 to 1.3 month inventory this week. So it shifted a little bit but not much has changed since last week. It is still a seller's market, we really do not see this changing anytime soon. Homes that are coming on the market and are priced right are still selling quickly.
We had 151 new homes come on the market this week, that is down by 19 homes from last week, which was 170 new listings last week. So what that says is that even though this crazy cold weather is here, sellers are still putting their homes on the market. Now keep in mind that the 151 new homes that came on the market does not include listings of manufactured homes, homes over an acre and vacant land.
This is great news for sellers since a balanced market is 5.5 months, it is definitely still a seller's market. It also means that the buyers that are looking for homes are in a rush to find a home before the snow really starts flying. So the buyers that are out there looking at homes are usually serious buyers because they are willing to get out in this cold and look at homes.
This is also great news for buyers because there are still houses coming onto the market. Keep in mind too that some buyers that were just thinking about buying have taken a break for the holidays and because of the weather. So the competition for buyers will be a little less.
If you have any questions about the current market or are interested in finding out what your home is worth, let me know.
Have a great day!