Friday, November 01, 2019 / by Pamela Glende
This week we are at a 1.3 month inventory of homes on the market. That is up slightly from last weeks of 1.2 months.
What do I mean by a 1.3 month inventory. It means that if no other new homes come on the market that we would literally run out of homes to sell in 1.3 months.
A balanced market is 5.5 months of inventory. We are still in a strong seller’s market here in Spokane Washington.
Last week we had 2,217 active listings of which 1,213 were pending and in escrow. So, the actual available homes were 1,004.
This week we have 1,965 active listings of which 1,084 are pending and in escrow. That’s a 55% pending ratio. Only 881 homes are actually available.
Stats are taken from homes in Spokane County and they are on one acre or less of land. They don’t include Multi-units homes, mobile homes, short sale homes or foreclosures . They are stick built homes.
What does this mean if you are thinking about selling your home? It means it’s a great time to sell. The inventory is very low, and chances are you will have offers on your home in no time if it is priced at market value. There’s no need to wait until Spring.
What does this mean if you are looking to purchase a home? It means that you need to have “all of your ducks in a row”. You need to have your pre-approval ready with your lender. You need to be willing to look at homes the moment they come on the market. Talk to your agent also about ways you can make your offer stand out from the rest.
I’m Pam with Haven Real Estate Group.
Thank you for reading and let me know if I can help with any of your real estate needs.