Friday, December 06, 2019 / by Heather Schelling
Welcome to the first week of December 2019!
The number of closed sales is down 7.7% from November 2018 to November 2019 yet the average price is up 5.9% from this time last year. Inventory is holding steady at 1.2 months. Distressed sales represent only 1% of our active listings. That’s also down from 1.7% this time last year.
What does this all mean? In short, due to the lack of inventory, home values continue to rise and buyers are following suit. Interest rates remain low which provides buyers the opportunity to move up in the price point a bit.
As of today, there are only 881 active listings in our MLS in Spokane County. Of those, only 720 are on under an acre or less. Eighteen of those are contingent upon the buyer selling their home in order to purchase a new home.
There are 31 Back on Market listings. The buyer decided not to move forward with the purchase, no back-up offer was in place, so the property goes Back on Market. This status stays for one week and then will return to Active.
Looking for a short sale or distressed property? You’ll find only 6 options…again, in Spokane County under an acre.
Now let’s look at how many homes are near the median home price of $260k. With a $20k swing on both sides, there are only 78 active listings. When I add 3+ bedrooms, 2+ bathrooms, and a 2+ garage, the number drops to 49 listings.
When I clear those stats and look at properties with at least 1 acre, there are 161 options. Of those, only 79 have a shop. Prices range between $209k - $3.65m with an average of $731k.
In general, with the unusually warm weather for December, buyers are still out and about looking. They’re anxious to get under contract before the upcoming holidays and snowfall.
Whether you’re in the market to buy or sell, it’s important to understand the nuances or our market in order to help make a good decision.