Friday, November 22, 2019 / by Heather Schelling
Welcome to the third week of November 2019!
We’re seeing a bit of a slow-down in regards to new listings, homes sold, and active (available) listings. This week, we have 246 less active listings and 18 fewer new listings than last week. Fifty-one less homes have sold in the last 30 days compared to the previous 30 days. Inventory has been holding steady at about 1.2 months since early spring 2019. A healthy market is 5-6 months. Being that it’s a strong seller’s market, there are not a lot of options for buyers.
Since last October 2018, home vales have increased by almost 9%. Many buyers have been priced out of options. Some are looking towards manufactured homes instead. In Spokane County, there are only 31 active listings for MH on leased land. Of those, only 14 have the potential to be financeable. Homes must be at least a double-wide and built in 1976 or newer. With the leased land option, buyers pay for the home itself and then pay a monthly lot fee which can range between $300-$750 per month depending upon the park.
Some buyers have leaned towards buying land and building a custom home. This is a great option if you have the resources. In Spokane County, there are 517 lots available. Of those, only 76 have a well installed. Looking to keep under a $100k for the land alone? There are 14 options with a well. Of those, only 6 parcels are 10 acres or more.
Our market is seeing a bit of a slow-down due to the holidays and cooler weather. The good news is that sellers are more motivated and buyers are more serious. This combination usually creates less frenzy and more relaxed transactions.
Whether you’re in the market to buy or sell…make sure you have a professional on your team!