Friday, November 22, 2019 / by Ariadne Gold
Brrr! It is currently snowing in Downtown Spokane as I’m writing this blog… Just in time for Thanksgiving! Hopefully it doesn’t stick… I’m not ready for that! I think it would be perfect if it snowed only on the holidays. Anyone with me there?? Anyways… what does this mean for the real estate market?
We are currently at 1.2 months of inventory. This is down from 1.3 months last week, which is not unexpected with the holidays around the corner! This means that if no new homes came on the market, the current inventory would sell in 1.2 months. This is crazy low; a balanced market is considered 5-6 months of inventory. We are definitely still in a seller’s market!
There are 1,719 active listings, down from 1965 from last week. We’ve had 133 new listings in the last week (down from 151 previously) and 645 homes sold in the last 30 days!
I know most of you are asking the real question… What does this mean for me as a seller or buyer in the Spokane Real Estate Market???
As a seller, it means that your home may sit on the market for a little longer during the holiday season. However, it ALSO means that there is less competition, and the buyers who are looking for homes right now are ready and willing to negotiate! A lot of people will be hoping to be in their new home before Christmas.
As a buyer, it’s the same thing. There will be less competition, and more willingness to negotiate from sellers who don’t want their homes to sit on the market over the holidays. Now is a great time to make your move on that home you love!
As always, I’m here to help with any questions. (509) 217-7172