Thursday, October 31, 2019 / by Connie Tracy
Brrrr.... it has definitely cooled down here in Spokane...and not just the temperatures. Spokane continues to be in a Seller's Market, which isn't too surprising. Even though, the inventory is low, home buyers are managing to find homes.
Home sales have also cooled down. With only 650 homes sold in the last 30 days, which is quite a drop from the previous 30 days with 842 homes sold. Last week 151 new homes came on the market. That is 20 homes LESS than last week!
Inventory remains extremely low holding at just over a months worth of homes in the greater Spokane area. As you can guess, less inventory means greater demand. The proof is in the pudding with the incredibly high pending ratio at 55%!
So, what does this all mean to you? It just means that out of 2000 homes on the market currently, about 1100 of them are under contract!
Buyers... stick with it! I know it is slim pickings out there... just remain patient. Hire a great agent to help you navigate through multiple offer, yes, they are still happening, and negotiations. Be willing to see the homes as they come on the market. Just bundle up and get out there! Now is the time!
Sellers... this is a great news for you! It couldn't be a better time to get your home listed. Very little inventory= less competition with a lot of demand. That may be a great scenario for you. More offers, quicker sales, possibly even more than the asking price. Sounds pretty good! There are still so many buyers ready to make a move.