Thursday, October 24, 2019 / by Amber Tice
As October winds down so will the buyers who aren't ready to purchase a home quite yet. Soon, home sellers will see buyers who are serious about buying a home, and who are waiting for home prices to drop.
The market is still holding strong for sellers. We are STILL sitting at 1.2 months worth of inventory in Spokane County. This means that if no other homes came on the market it would take a little over one month for all the stick built homes in Spokane County to sell.
There are 2217 active listings in the MLS (Multiple Listing Service). This number is up by almost 200 homes! That is a solid indicator that homes are sitting on the market longer than they were this summer. If you are looking to sell your home this winter keep in mind your home will sit on the market slightly longer due to the seasonal dip, but that doesn’t mean it won’t sell!
There are 1213 homes in escrow with a 54% pending ratio. This means more than half the homes that are still “available” are under contract and will be closing soon. The reason these homes are counted as “active” is because they haven’t officially closed. More than 40% of homes that are “under contract” fall through.
170 NEW listings came on the market in the last week. That number is up by only 7. Home buyers will see less and less homes go on the market this winter, which is good news for those sellers who are looking to list. Buyers will have less to choose from and your home WILL get more visibility!
As always, please keep in mind that Haven only uses stick built properties on less than an acre to compile their spokane market statistics.
Don't forget! I am always available to answer any questions you might have regarding this, or anything else real estate related.
Haven Real Estate Group
Beautiful Spokane Living