Wednesday, December 18, 2019 / by Pamela Glende
This week we have gone slightly up in inventory from last week. We are at a 1.5 month inventory. What this means is if no new homes come on the market that in 1.5 months we would run out of homes to sell.
It is still a very strong seller’s market and homes are selling quickly if priced at market value here in Spokane Washington.
There are 1,476 active listings and out of those 834 are in escrow. That leaves us with 642 homes that are actually available. That is a 57% pending ratio.
Our stats are taken from homes in Spokane County that are stick built and on one acre or less of land. They don’t include mobile homes, foreclosures or short sale homes.
Winter is coming and I believe our inventory will drop as the snow starts to fly. A lot of people don’t want to sell during the winter. It is actually one of the best times to sell because the competition is far less this time of year. There are a lot of people trying to buy a home and homes are still going into multiple offers.
The economy is strong here in Spokane. Amazon will be opening soon if it hasn’t already and the military is expanding. There is new businesses opening all the time. We are growing.
Prices continue to increase here. We are overdue for a market correction as history tells us, but I don’t believe that will happen here in Spokane anytime soon.
Home buyers if you are looking for a home make sure that you are prepared in this competitive market. Make sure you have gotten all needed documentation into your lender. Have them write you a great pre-approval letter that shows that they have checked and approved all of your documents. Also ask your real estate agent to help you with ways to make your offer stand out when you find that perfect home.
Sellers let me know if I can be of service to you.
I’m Pam with Haven Real Estate Group here in Spokane Washington