Housing markets have cooled off in parts of the West Coast, but home prices continue to be strong in Spokane County, where inventory remains tight.
Hi, this Jacque Eaker with your Market update for the week of Oct. 18th 2019
Yes, we have had lots of homes with price drops lately. Just this week, we have 110 new listings with 64 homes that have had a price drop. Having said that, it is still an active seller's market because of the low inventory.
We have 110 new homes this week compared to 212 last week which is down 49.
We currently have 1.2 months of inventory, which is not much. In a balanced market, we generally have five months of inventory for residential, stick-built homes.
What is driving our market currently is the fact that, coupled with low inventory, interest rates are so low that Buyers are motivated to borrow now. Many times they can qualify for more money, for less cost, allowing them to look at homes that otherwise might be out of their price range. The problem is that for every home listed, there are approximately 12 buyers.
Even though we don't have the frantic bidding wars we had during the summer, we are still experiencing multiple offers.
As the pendulum begins to swing--Sellers, nows the time. Don't let this opportunity pass you up.
If you have any questions or if I can be of assistance please give me a call. I would be happy to be of service.
Jacque Eaker, and I am with Haven Real Estate Group.