Friday, December 13, 2019 / by Amber Tice
You won’t be surprised to hear that the Spokane real estate market hasn’t changed much as far as inventory. We are sitting at 1.3 months worth of inventory. This means that if nothing else came on the market it would take a little over one month to sell everything that is available in this area.
Spokane sellers remain skeptical that they will be able to find a home after they sell their current one so they are playing it safe for now. I would also not discount the fact that there is now snow on the ground. You can bet that there are still serious buyers out there so if you are looking to list keep in mind you may get less people looking, but those who are looking are more serious.
There are 1,554 active listings according to the MLS (multiple listing service), however 857 of those homes are already in escrow, or in other words, are already under contract. This leaves just 697 homes available in Spokane.
How we compare to the Coeur d’ Alene market:
Coeur d’ Alene is sitting at 1.7 months worth of inventory. The CDA market seems to fluctuate a little bit more than Spokane. In previous weeks CDA was sitting at more than 2 months worth of inventory. The shift could be the fact that it is winter and that less and less buyers are looking. I would expect the CDA market to shift back up to 2 months worth of inventory in the Spring months of 2020.
If you are a home buyer please keep in mind that the average buyer puts five offers on a home before one gets accepted-that is how competitive it is. This means it will most likely take longer than 30 days to close on a home. If you go into the home buying process knowing what to expect your home buying experience will be easier.
Happy house selling!