Friday, December 6, 2019 / by Jo Skipper
Spokane Market Update for November 29th, 2019
We are currently at 1.2 months of inventory. This number has remained the same for the last 6 months at least. What does this mean? This means that if no more new homes were listed, the current homes would sell in about 1.2 months. It also means that we are still in a strong seller’s market. A balanced market is about five to six months of inventory.
The Spokane Real Estate Market has had 110 new homes come on the market this week (down 20 from last week). We will continue to see this number drop over the holiday season. No reason to panic, this is typical.
There were 646 homes sold in the last 30 days. The average days on market is 28, compared to 35 in November of last year.
The median home price has gone up to about $282,000 compared to $266,000 in November 2018. Think of your increase in the value of your largest asset!
So, what does this mean for you as a buyer or seller? It means that we are still very much in a seller’s market. Buyers need to continue to be ready to move quickly on a home. Also, if you are still waiting to buy in hopes that the market will decrease, then you may be waiting a while. But hey, no one knows.
For sellers, it means when listing a house, pricing is still very important! Seller’s market or not, we are still seeing homes sit on the market if they are priced above market value or are not in a desirable condition.
Although November through February are usually the slower months for the real estate market, it does bring out the most serious buyers. There will always be those who need to buy or sell a house. If you are one of those people make sure you are prepared for the speed in which your home sale will occur. Third-party vendors in the home sale process will have less to do resulting in a quicker close.