Friday, December 20, 2019 / by Heather Schelling
Welcome to the third week of December 2019!
Market conditions continue to remain strong in Spokane County. Inventory is sitting at 1.5 months which means that based on current demand, if nothing else came on the market, we would be out of inventory in 1.5 months.
Blah, blah, blah…I’m guessing you’re tired of hearing about months of inventory, right? Understandable, it’s overquoted without an explanation of why it’s so important. Simply put, it’s a gauge that Realtors use to measure the market which is based on supply and demand. Whether you’re buying or selling, it’s important to know how much supply sellers have made available and how much demand buyers are requiring. Supply and demand drive home sale prices which we definitely care about!
Now let’s look at some specific numbers for our current market. When comparing stats, we use single-family site-built homes on under an acre. There are 631 active listings which is comparable to this time last year. What’s different is that sales are down 6.1% while the average home price is up 10.6% from November 2018. Only 1.4% of the sales were from distressed homes.
The median home price is about $260,000 – any idea home many homes are at or under that price? You’ll find 164 options. Of those, 152 are financeable. Narrow it down to 3+ bedrooms, 2+ baths, and 2+ car garage and you’ll find only 33 listings. Needless to say, it’s tough to find an ‘average’ home in our market that fits the location you’d like, the neighborhood you desire, and/or the style you prefer.
If you’re a buyer, the best tool you can have is a pre-approval letter. That way, when a home is listed that checks most of the boxes, you’re ready to take action! While it’s not required, most Sellers will not look at an offer without that letter in hand.
If you’d like me to run a specific search for you, I’m always available!