Thursday, November 28, 2019 / by Pamela Glende
This week we are at a 1.2 month inventory of homes currently on the market. There are 1,702 active listings currently in Spokane County of which 963 are in escrow. That leaves us at a 57% pending rate. That leaves us with 739 available homes for sale.
These stats are taken from home in Spokane County on one acre or less of land. They are stick built homes and don’t include mobile homes, short sales or foreclosures.
We are in a seller’s market and have been for a few years now. A balanced market is 5.5 months of inventory. Historically the market corrects itself and we are overdue for that correction. That being said I personally don’t expect it in the near future because of all the new industry coming to Spokane.
There is a shortage of homes here for the amount of growth we’ve had. Let’s face it most people want to be homeowners and they would rather not rent. Speaking of rentals, it is difficult to find those as well.
If you are considering selling it is a great time to sell. Homes that are priced at market value are selling quickly and many times getting multiple offers which will net the seller more.
If you are trying to purchase a home, it is tougher out there but not impossible. Sit down and meet with a lender and get all documents turned in so they can give you a stellar preapproval letter. Now you are ready to find the home that fits you and your family. Find a great agent and ask how to make your offer could stand out.
If I can be of service give me a call? I’m Pam with Haven Real Estate Group in Spokane.