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Spokane Real Estate Market Update for the week of November 26th, 2019

Thursday, November 28, 2019   /   by Pamela Glende

Spokane Real Estate Market Update for the week of November 26th, 2019

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.

509-731-3302


 


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Haven Real Estate Group
Cambria Henry
304 W Pacific Ave; Suite 360
Spokane, WA 99201
509-590-4701

IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that data is deemed reliable but is not guaranteed accurate by the MLS.
MIMLS The data relating to real estate for sale on this web site comes in part from the Spokane Association of REALTORS® MLS. Real estate listings held by brokerage firms other than Haven Real Estate Group are marked with the IDX logo. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Haven Real Estate Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Copyright 2019 of the Spokane Association of REALTORS® MLS. All rights reserved.