Thursday, October 24, 2019 / by Pamela Glende
This week we are still at a 1.2 month inventory, the same as last week. There are 2,217 active listings in Spokane of which 1,213 are in escrow. That is a 54% pending ratio. That means that over half of the active homes aren’t actually available. They are in contract and going through escrow.
A balanced market is a 5.5 month inventory. We haven’t seen that in the Spokane Real Estate Market for many years now. I believe when I started in real estate about 5 years ago, we had around a 4 month inventory.
An example is with a 1.2 month inventory we would run out of homes to sell in 1.2 months if no new homes came on the market.
It is still a strong seller’s market and has been for a few years now. We are expecting the market to change as history shows we are well overdue for a market correction. That being said, I don’t think it will be soon because of all the new businesses coming into Spokane such as Amazon and the increase of military coming to Fairchild Airforce Base. It will eventually happen, but I think we are safe for a while in the Spokane area.
Our market stats are taken from stick built homes on 1 acre of land and under in Spokane County, not the surrounding counties. They don’t include mobile homes or multiunit homes.
We had 170 new listings last week and 163 new listings the previous week. 822 homes sold in the last 30 days. 776 homes sold in the previous 30 days.
It’s still a great time to sell if you are considering selling home. If you are looking to purchase, there are still homes to see. Make sure your ready with your loan approval letter. You will need to be prepared and ready to move on the home that’s perfect for you when you find it. Also ask your agent for ways to make your offer stand out in this market.
I’m Pam with Haven Real Estate Group in Spokane WA.