Friday, November 8, 2019 / by Connie Tracy
The market is cooling down in Spokane and the greater area. Currently, we are holding steady at 1.3 months of inventory. This is actually the most we have seen in a long time. Why? Winter is coming.
Due to the low inventory, sellers and buyers are feeling the effects. Buyers are tired and warn out from making multiple offers on many homes. Even after including escalation clauses, offering way above the asking price, and removing contingencies, buyers are not able to get the homes they love. Not only are the buyers feeling the sting... so are the sellers. They are having a difficult time finding their next home to buy. This has become a cycle... should they sell their home? What if they aren't able to find one they love and their current home sells quicker than they can find a new one? Will they have to settle? These are BIG concerns for both parties.
Here is what happened for the month of October 2019-
183 homes sold in the price bracket up to $200,000 with an average of 16 DOM (days on market.)
342 homes sold in the price bracket between $200-300,000 with an average of 18 DOM.
192 homes sold in the price bracket between $300-400,000 with an average of 25 DOM.
104 homes sold in the price bracket between $400-500,000 with an average of 31 DOM.
Last month there were a total of 822 homes sold. This is in the Spokane County and are stick built. This doesn't include MH, multi-family homes, land, or foreclosures.
More homes are staying on the MLS for longer due to the chilly temperatures, schools are in session, and the holidays just around the corner. Even though, it is a slower market, does that mean there aren't buyers looking? ABSOLUTELY NOT! The serious ones are out there and they are looking for their dream home. This is a great time to sell... less competition for sellers mean possibly a quicker sale and more profit.