Friday, November 1, 2019 / by Jo Skipper
This is Jo with Haven Real Estate and I would like to give you the weekly market update for the Spokane area for the week ending November 1st, 2019.
This week we are seeing a slight uptick in available inventory. This has much to do with the season. As we creep closer to the holidays, people are less likely to want to list their homes. Because of this timing, we are seeing fewer homes being listed right now.
There were 151 new listings on the market last week. This is down from the week before. We are going to continue to see this trend downward as we usually do this time of year.
We have 1985 active listings on the market right now. From this number 1084 listings have accepted an offer already. That leaves the number of pending homes at 55%.
As many buyers are becoming slightly less active on the market we experience some homes are sitting on the market for a longer period of time. This is typical for this time of year. However we are still in a seller’s market. We have an increase in market activity which is related to the new and active listings. This number is at 1.3 months up from 1.2 months last week.
If you do have a home listed or are thinking of listing in the near future, you still have a great chance of selling your home in a short period of time. At the present time you have a 75% chance of receiving full price if you receive an offer within the first 30 days of listing.
Also, keep in mind that things change all the time and many people need to buy or sell a home with short notice. There are serious buyers and sellers out there right now that need to make a move no matter the season.