Thursday, December 19, 2019 / by Katrina Miller
Spokane Real Estate Market Update for the week of December 20, 2019-
Here is the Spokane Real Estate Market has had 82 new homes come on the market this week which is down 20 from last week with 539 homes sold in the last 30 days. The average days on market is about 28, compared to about 50 in December of last year. The median home price has gone up to about $282,000 compared to $266,000 last year in 2018 at this time.
We are at 1.5 months of inventory which is huge because we have been sitting at 1.3 months of inventory for over 9months. What does 1.5 months of inventory even mean? It means that if we didn't have any other homes come on the market we would run out in 1.5 months. That is a very low inventory!
If you choose to list your home in these cold months you probably won't see a lot of multiple offer situations going on but you will definitely see a lot of serious buyers because who would want to move in the snow? On the flip note for buyers, the CEO Frank Martell from CoreLogic states that home prices are up 3.5% with the rate of growth accelerating from September to October. They expect home prices to rise atleast another 5% in the next 12 months. So it is still a GREAT time to buy!
If you are interested in selling or buying please reach out to me at Haven Real Estate Group!
Katrina Jo Miller
Haven Real Estate Group