Friday, November 22, 2019 / by Dixie Simon
The Spokane Market is fascinating. Depending on who you listen to, the market is slowing down. There are a lot of variables, however, and I feel that this is a blanket statement. It matters what price point you are shopping for. In the last week, I have been in multiple offer situations three times. It is still a sellers’ market regardless of the time of year, the natural ebb and flow of the season.
The interest rates are still desirable for buyers, so this is driving the seller market as well as the shortage of inventory. As of today, 11/22, the 30-year fixed rate is 3.98% bringing your APR to approximately 4.018 %. Most people don’t go around talking in mortgage rate terms, but the bottom line is right now money is cheap to borrow, allowing you to afford more home possibly than you could with higher interest rates.
As of this week, we were holding 1.2 months of inventory versus 1.3 months last week.
- 193 New homes listed
- 49 that Are Back on the Market (BOM) (25%)
- 111 existing listings with Price Changes (58%)
- The Median home price is $220,364, and homes priced between $139,001 -$279,000 have experienced a whopping 51.2% increase in value.
For more information and to get any pocket market data, feel free to give me a call anytime.
Dixie with Haven Real Estate Group M: 509-385-4441