Friday, November 29, 2019 / by Heather Schelling
Welcome to the end of November 2019!
It’s been a beautiful month with lots to be thankful for. I think we had a record number of sunny days this month…or at least it feels like it to me. How does this translate to our market in Spokane County? It means that Buyers haven’t stopped looking. They’re determined to find a home and are optimistic that they can get a good (better) deal during the winter months. To some extent, they are right.
Inventory is a little better but holding fast at 1.3 months. That means that based on the current demand, if nothing else new is listed for sale (with a Realtor), then the current homes would be sold. Right now, we have only 1443 active listings in our entire MLS which serves three counties. Of that, only 1059 are in Spokane County. Looking for at least 3 bedrooms, 2 bathrooms, 2-car garage, and a single-family residence? You have 703 choices. As soon as we add a price point, the number drops drastically. There are 129 listings with the same criteria under $300k. Prefer the Mead School District, you’re down to 6 options. With over 500,000 people living in Spokane County, there’s not enough homes to meet the demand.
Let’s look at another popular example: the first-time homebuyer. Most qualify for under $200k. Guess how many financeable options there are in Spokane County? Only 83. Need an FHA loan? You have 46 options. VA? There 42 to choose from under $200k. Add back in the 3 bed, 2 bath, 2 car garage criteria? There are 5 for VA, 6 for FHA, and 7 for conventional financing.
To summarize, Spokane County is still in a hot seller’s market. The colder weather hasn’t cooled off the demand yet.
If you’d like specific stats pulled for your property or buying criteria, I’m always available.