Wondering what is happening currently in our Spokane real estate market? Well you're in luck! I'm going to share with you what's happening currently in our market, and give you some context for that information, as well as explain how to determine whether a market is a buyer's market or a seller's market.
To begin, let's start by discussing how to determine who is favored in the real estate market. When we look at whether it's a buyer's market or a seller's market, we look at this in terms of months of available inventory of homes. In a balanced market, which is a market where neither buyers nor sellers have an advantage, Spokane's market has an inventory of 5.5 months of 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. Now, let's take a look at what our current market is doing:
Do you see that?! We have 1.2 months of available inventory! That means that we are in a real estate market that is very much in favor of sellers. Overall, homes are moving very quickly and most are selling within a week or less. When we look at homes available, we only look at homes in Spokane County, one acre or less, and only residential stick built homes. This is the parameter for looking at home sales because this is what the majority of sellers are selling and buyers are buying.
Also, as you can see, there has been a slight decrease in the number of homes that are active on the market or that have accepted offers on them in the last week, which is part of the normal seasonal decline. The more interesting part of this is in the bottom right section - home sales over the last 30 days increased, as compared to the number of home sales in the previous 30 days. This is abnormal for this type of year, and is a result of the marketing being slightly less competitive.
How does that seem possible? Well, although the number of months of available inventory has stayed roughly the same, home sales have not been quite as competitive under $200,000 but have increased in sales over $300,000. So although it may seem that the general market is relatively the same, it's important to break down in each price bracket as well. By doing this, we can see that the competition has leveled out a little more across the different price brackets, which means that home sales are moving a bit more smoothly, since competition is a little less fierce in some of those highly competitive price ranges.
Are you wondering how your home would stack up in this market if you chose to sell it? Reach out to me anytime, I'm happy to meet with you and give you market statistics on your home specifically.
Keri McCombs, Spokane Realtor