Currrently, we have a 2.1 month inventory of single family homes in Spokane County. This doesn't include condos, multi-family properties, manufactured homes on land/leased, foreclosures or short sales. What does this mean to you? This ultimately means that if no one else puts their home on the market, there will be no more homes available for all of the home buyers out there.
A balanced market is at 5.5 months inventory. We are nowhere close to this! As a matter of fact, we are in a VERY strong seller's market. This week we have 316 active listings which is down 20% from last week. AND there are 152 homes in escrow. That is 7% less from last week.
So, what does this mean if you are seller looking to list your home? It is a GREAT time to sell even with the cooler temperatures, shorter days, and winter around the corner. IF you price your home at market value, expect your home to sell quickly. There are so many home buyers out there looking and ready. They are even willing to put in offers knowing that there will be multiple offers. This continues to be a norm and is not going anywhere in the near future. Why are there so many homes on the market either sitting or dropping prices? That is pretty clear... the home is over priced and not supported by the current market value.
Competition is stiff! If you are looking to purchase a home, make sure you have your pre-approval letter in hand. The last thing you want to do is fall in love with a house and lose out on the chance to get it because you didn't have a loan approval. Additionally, make sure you are willing to look at homes as they come on the market, put in strong offers, and above all be patient. You may have to put in several offers before one is accepted.
If you are considering selling your home...Now is the time! The market is still hot! If you do have to wait to sell, have your Spokane Realtor let you know when the market has closer to 3 months inventory available.
Knowing what is happening with our market prepares you for making sound decisions as you plan the biggest purchase of your life!
Check out my website at https://connie.viewhomesinspokane.com for more helpful articles for buyers and sellers! The more you know, the more prepared you will be in this competitive Spokane Real Estate Market.
Ready to sell your home? Want to find the home of your dreams? Have any questions? Call or shoot me a text and I will be happy to share more with you about listing or purchasing a home in Spokane and surrounding areas!
Let's chat homes!
Your friendly Real Estate expert-
Haven Real Estate Group