Friday, December 06, 2019 / by Jo Skipper
Spokane Market Update for November 2019
It is the time of year where the real estate market is reflecting the change in seasons. We in Spokane are experiencing the seasonal shift in market activity as we do every year.
In the month of November, there were 529 homes sold in the Spokane area. These were stick-built and on under 1 acre of land. In the month of October, there were 758 homes sold. Yes, we are experiencing the typical decline around the holiday season as last year at this time we had sold around the same exact number for the month of November.
There were 1,621 active listings in the last week of November. Of those, 928 had accepted an offer and were working through the escrow process. That leaves a 57% pending ratio.
The average sold price is 283k. This number is up from last year and remains about the same for this entire year.
The average days on market for a typical residential home in the Spokane area is down to 26 days! The average the month prior was 30 days. Moving right along! This means if you are planning on selling your home in the near future be ready to move fast as 26 days is not long at all!
The entire last week of November we only had 104 new listings hit the market. In the summer months that is usually the activity for the day! This 104 is down from the week prior of 129. Things are still dropping in activity which can be expected in the midst of the holiday season.
We are at an inventory level of 1.3 months. In the last 6 months, this number has remained between .9 months and 1.3 months of inventory. This still remains a strong seller’s market.
If you are thinking of selling your home now you should not hesitate to do so. There are many advantages that remain even with slower market activity. Call me today to discuss these advantages!