Saturday, October 19, 2019 / by Shayla Morford
That seems like a lot of homes available all of a sudden, but its a significant decrease in the number of homes from last week (220 New Homes).
First, let me clarify how I determine those numbers. I only count residential site built homes, meaning Condos and Mobile homes are out. Also, I look for homes with under 1 acre of land and only in the County of Spokane. I want to make my numbers based on what the average buyer who comes to me is asking for.
We are still considered to be in a "Seller Market", but what the heck does that mean? Sell don't Buy? NO!
Those terms are simply in reference to good old supply and demand. As of right now, the inventory is still low, buyers are still competing over the freshly listed deals and sellers continue to get top dollar for their homes.
But wait! Whats that? The Winds of Change?
I have been noticing ever since the seasonal economical shift has started slowing, school is back in, "experts" say we are overdue for a market shift/correction. The first thing we notice are homes staying on the market for longer periods of time. This in turns leads to price reductions when the home sits and waits for its next buyer.
We are at 2.1 Months worth of inventory as it stands, less than half of what a so called "balanced" market is referred to.
How the heck do you measure the housing market by months?!? This is just a fancy number us professionals use to say if no further homes came on the market, the gap in time (XX Months) is how long it would take active buyers now to expire the inventory.
Long story short:
**BUYERS are getting better opportunities to find that perfect home without being rushed or outbid.
**SELLERS are still getting top dollar on their home (if priced competitively in the beginning) yet I foresee that not lasting much longer.
Do you have any experience in this crazy market/ I would LOVE to hear YOUR story!!