Friday, October 25, 2019 / by Shayla Morford
That's actually quite similar to this time last year (171 Homes).
When you take a look back at 2017, there were 137 homes available for purchasers.
And yet the market is far more competitive is seems now. rather than in 2017, where there was a decrease in inventory by nearly 25%.
One of the main factors would be the Federal Reserve fluctuating short term loan rates. This is done to try to slow the pace of demand for new residences. Not only are new construction homes not being built fast enough, sellers have extremely low monthly payments as they had secured a rate of 3%-or less. Rates are slowly creeping up, yet the employment rate is low and wages are rising.
We still are in a stimulated economy, as a whole, and this positive market trend looks to be insulated slightly by the Spokane area versus other major cities. The dollar seems to go much further here; when we travel I always ask about conditions and how much others are paying for housing. Some of the large cities are outrageously expensive and its very common to work extra jobs or have as many heads in the home to thwart the costs. Spokane is fortunate in the sense we are not as effected by the extremes in the wax or wane of the economy as some other places.
You're Welcome Spokanites.
Shayla with Haven Realty Group here serving all of Eastern WA.