Friday, December 13, 2019 / by Andria Sanchez
The inventory of existing homes for sale remains below the 6 months needed for a normal market and is now at a 1.3 -month supply of stick build homes, under one acre in Spokane County.
Inventory remains low due to high demand from buyers who are still looking for a house to buy with only 1,554 active homes, 857 of those homes are in Escrow.
Each month, ShowingTime releases their Showing Index, which tracks the average number of appointments received on active U.S. house listings. The latest index revealed:
“Traffic was more active once again compared to 2018, as the nation saw its third straight month of higher year-over-year showing activity…The 5.5% increase in showings nationwide was the largest jump in activity during the now three-month streak of year-over-year increases vs. 2018.”
The same report indicates showings increased in every region of the country, the Northwest increased by 8.6%.
Why is the traffic more active?
One of the main reasons buyer traffic has increased year-over-year is that mortgage rates have fallen dramatically. According to Freddie Mac, the average mortgage rate last December was 4.64%. Today, the rate is almost a full percentage point lower.
With less competition, prices rising, and low interest rates, winter months are a great time to list your home. If you are thinking about putting your home on the Spokane Real Estate Market, call Andria at Haven Real Estate Group. Let’s get together to discuss what steps you need to take to get your home sold this season!
Andria Sanchez- Haven Real Estate Group