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Spokane Real Estate Market Update for the week of November 15, 2019

Friday, November 15, 2019   /   by Heather Schelling

Spokane Real Estate Market Update for the week of November 15, 2019

Welcome to the middle of November 2019!

Leaves are falling and the air is crisp and refreshing. Squirrels are gathering nuts in anticipation of the colder months ahead. Our market is much the same. Buyers are scrambling to find a home before the holidays arrive. Old Man Winter will soon pay a visit - there’s a push to get settled into a new home soon.

Conversely, sellers are anxious to part with their home for much the same reasons. Often times, they’ve decided to spend their winter months in a warmer climate. If they’re relocating, they too are motivated to get reestablished before winter.

This week, there are only 986 active listings in Spokane County. That’s down 54 from last week. I am referring to all single-family homes listed by a Realtor in all price points. Looking for less than an acre and financeable? You have 783 options. Need a garage? There are 723 listings with at least a single-car garage.

Now let’s look at homes within $10k of the October median home price of $265,000. If I remove the likelihood of a property being financeable and the acreage maximum of one acre, you have only 49 options. Keep in mind, there are over ½ a million people living in Spokane County.

Many buyers are considering purchasing land and building their dream home. There are 77 active listings in Spokane County that already have a well installed. Want over 5 acres of land? You have 67 to choose from ranging from $55k to $1.2 million.

Feeling the price squeeze? Home values are up 8.9% from October 2018 and we’ve had almost 23% more sales than this time last year.

Inventory continues to sit at 1.3 months which means that based on the current demand, if nothing else came on the market, everything would be sold in 1.3 months. A healthy market is 5-6 months. Needless to say, it’s a very strong seller’s market.

Until next time!

Heather Schelling, Realtor®

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Haven Real Estate Group
Cambria Henry
304 W Pacific Ave; Suite 360
Spokane, WA 99201

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