Friday, November 15, 2019 / by Jody Lee
Spokane Real estate market update for the week of November 15th
We are still seeing A low inventory in Spokane County. This is a market that is still favoring the sellers. A balanced market would have 5-6 months inventory.
The number of active listings right now is 798, that is for stick-built homes in Spokane country on under 1 acre. The number of pending listings right now is 931. This is hopeful that a lot of people are selling their homes, and all are getting their dream homes.
We are still in a strong sellers market, and with such a low inventory of new homes it has been difficult for some people to find a home to buy. People are even reluctant to put their house on the market in fear of not finding another home to buy when they know their home will sell quickly.
If you’re a buyer and trying to find a home, please be patient and understand that you may be submitting several offers before you get one accepted. You will even be running to the next house that gets listed and trying to see it on the first day on the market. With having a sellers market and such low inventory it not uncommon to have multiple offers on homes and have offers placed on homes within hours after it has been listed on the Spokane MLS.
If you’re a seller it is a great time to list your house. If you price your house right and have a stellar agent representing you, multiple offers within days might be in your future. Houses have even been under contract with 48 hours after going live, just be prepared closing are usually 30-45 days. Know where you will be going not if that happens but when it happens after listing your home for sale.
Spokane is continuing to grow by leaps and bounds I expect the Spokane market is going to keep growing right along with it.
If you would like more information please give me a call, I’d love to sit down with you and help you sell your home.
Haven Real Estate Group