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Spokane Market Update for the Week of 11-22-2019

Friday, November 22, 2019   /   by Dixie Simon

Spokane Market Update for the Week of 11-22-2019

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. 

We have:

  • 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 years we have programmed ourselves that Fall and especially Winter are not good times for us to place our home on the market. Perhaps one of the myths that we don’t challenge, and we accept that it is the rule. Everyone falls prey to this thinking to some degree. Those that go against this grain will find that there are multiple buyers out there who want a home to buy plus, if you are moving up, or downsizing there are lots of newer homes with some great builders and great new communities that are available to make those changes. Because of the popularity of the Spokane Area, our housing market is still clipping right along. 

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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

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Cambria Henry
304 W Pacific Ave; Suite 360
Spokane, WA 99201

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