Tuesday, November 26, 2019 / by Keri McCombs
It's time for your weekly real estate market update about the housing market in Spokane, WA! This week, not a whole lot has changed, as far as months of available inventory. We're still sitting at 1.2 months of available inventory. If you've been checking out my market update blogs each week, you'll remember I share a different aspect of the market with you each week. But before I get into that, I'm going to share with you what months of available inventory means, in case anyone reading this hasn't read any of my previous market update blogs.
To give some context, I'll explain what that actually means. In a balanced market, which is a market where neither buyers
nor sellers have an advantage, Spokane's market would have an inventory of 5 and a half months of available inventory/homes for sale. When we talk about months of available inventory, this means that if no other homes came on the market and buyer activity stayed the same, we would run out of homes in five and a half months. So you can see, there's still very much a shortage of available homes. For the purpose of consistency, I only look at homes on a maximum lot of one acre, in Spokane County, and only stick built, because most of the sales in our MLS fit these criteria.
Our market looks pretty similar to how it's been lately. However, there's something unique about this week - the number of homes on the market is starting to drop even more. What’s causing that? The holidays are upon us!
Starting at this time of year, many homeowners, who had their homes listed for sale that have been sitting on the market and not selling, decide to remove their homes from the market and wait until after the holidays to sell. A lot of homeowners don’t want to deal with keeping up a clean house and being available for showings during this time of year, especially when they’re frustrated that their home isn’t selling. They want to be able to enjoy their friends and family during the holiday season, without the hassle of potential showings, or any uncertainty, causing interruptions.
What does that mean for you as a seller? It means that you're about to have even less competition, but as of right now, buyer activity continues to stay strong. In fact, many buyers are still looking because they’ve been struggling to find the right home throughout the busy season. Also, some buyers are waiting until this time of year because they have less competition from other buyers. So although sales drop 35-60% during this time of year, in comparison to the peak of our seasonal market, there are tons of buyers still looking for a home to buy.
There is also an advantage to being a seller this time of year. Buyers who are willing to brave the cold, fog, and potential snow are SERIOUS buyers. Meaning, they aren't tire-kickers, they are serious with moving forward. Also, because the market isn't quite as charged as it is during the spring and summer, buyers feel like they have a little more time to think about making an offer. This means that buyers feel like they can actually take a breath and proactively decide if they want to make an offer, rather than rushing into making an offer and deciding later that they don't actually love your home.
If you're a buyer in this market, hang in there! This is the time to really get laser focused on what you want, and how you can and WILL get there. I know moving in winter isn't ideal, especially given how unpredictable our season has been already, and it's not even officially winter yet. But I promise - you'll find the home that's perfect for you, and you may not have to search as hard as you have been the last several months.
Thank you for checking out my blog! If you have any questions, don't hesitate to reach out to me. You can email me at Keri@SpokaneHaven.com or call/text me at 509-844-5843.
Check out what your home is worth! Click on the image below to find out.