Friday, November 01, 2019 / by Amber Tice
The Spokane real estate market is still favoring sellers and giving buyers a run for their money! We’ve seen a slight increase in inventory over the last week which might indicate some relief is coming if you are a home buyer.
Here’s what the numbers look like:
Spokane is sitting at 1.3 months worth of inventory. This number is slightly up from the previous week of 1.2 months worth of inventory. For those of you who are new to real estate this means that if nothing else were to come on the market it would take just 1.3 months for all the homes in Spokane County to sell. Haven Real Estate Group only uses residential stick built homes on less than an acre of land when procuring this information.
There are 1965 active listings in the MLS (Multiple Listing Service). This number is down by 252 listings from the previous week. There have been 151 NEW listings in the last week. This number is down by 19 from the previous week. 650 homes sold in the last 30 days.
What does all of this information mean??
For sellers: Just because winter is coming does not mean it is a bad time to list your home. You will see more serious buyers out there who NEED to buy a home versus seeing buyers who are just browsing. Keep in mind, buyers are still unwilling to over pay. They are being educated about the market, and will hold out if they feel a seller is overpricing. If you are wanting to sell quickly it will serve you well to list your home just below, or at market value to keep your listing relevant and competitive.
For buyers: Home prices have continued to rise steadily over the last several years. Now might be the time to get in the game before you get priced out of the market. With the new Amazon Warehouse going in AND the Fairchild Airforce Base bringing in more military families you might not see the relief you are looking for as far as home prices. You also need to keep in mind the families who are trying to escape the burdens of the Seattle real estate market. Spokane is still an affordable option for anyone looking to invest, or live in this area. Interest rates
Interest Rates: According to Forbes.com economists at Freddie Mac predict the fourth quarter of 2019 will average a 3.7% interest rate on 30-year, fixed-rate loans. Fannie Mae expects the year to average out at 3.9%, while the Mortgage Bankers Association predicts 3.8%. Expect even more favorable conditions for 2020, predicting average rates as low as 3.4% (Fannie Mae).
It’s such a special time in real estate right now in our area. Spokane is growing, and there’s never been a better time to learn more about what makes our great city tick.
Reach out for more insight on this topic, or on anything else related to this beautiful city. I’d love to chat!