Thursday, October 31, 2019 / by Heather Schelling
As we wrap up October, the Spokane County market is continuing to reflect the trend of slower home sales this Fall. With cooler weather, also comes reduced inventory and less new listings hitting the market.
Last week, the number of active listings in Spokane County dropped by 252 from the previous week and we had 129 fewer properties pending. We added 151 new listings to the inventory but that’s down by 19 from last week. For the month of October, 23% less homes sold than the previous month.
Now let’s look at some numbers that might matter to you. Our median home price in Spokane County is $267,500. There are only 128 active listings (not under contract) between $245k - $285k. To be specific, I’m referring to single-family homes on an acre or less listed by a Realtor. That number includes short sales and foreclosures which – ironically – there are none currently using those stats.
There are over a half a million people living in Spokane County and we’re experiencing a 1% annual growth. That means that over 5000 people are moving into our area every year. With only 128 current available homes for sale that are near the median home price, that doesn’t provide many options.
That’s great news for sellers! Based on the current demand, if nothing else new came on the market, in 1.3 months the current inventory would be depleted. A healthy/balanced market is 5.5 months. It’s definitely a very strong sellers’ market!
Buyers are scrambling to find a home before winter is officially here. While the market is softening a touch, it’s still a challenge to not only find a home you love but being able to get it for a reasonable price is difficult.
No matter what side of the coin you’re on, it’s imperative you hire a professional that not only knows our market but understands it. I’m always available!
Until next time!Heather Schelling, Realtor®