Friday, November 22, 2019 / by Jo Skipper
Spokane Housing Market Update November 22nd, 2019
It is that time of the week again for anyone who is interested in buying or selling a home in the near future! This is your Spokane Housing Market Weekly Update!
We have been experiencing a normal seasonal slow down or market fluctuation. This week we had 133 new listings hit the market for the entire week. This is down from the week prior. In total we have 1,719 homes that are on the market right now. This is also down from the week prior. The number of active listings last week was 246 homes higher! While this number is noticeably dropping there is no reason to be concerned. This is a normal seasonal shift for this time of year. Given the choice, not many people would like to buy or sell their home this time of year. However, many people do not have this choice as there are always serious buyers and sellers in the market.
I did say that we have 1,719 active listings on the market. However, of these 950 of these have accepted an offer and have begun the escrow process. That equals a 56% pending ratio. The pending ratio remains around the same as weeks prior. Another value that remains about the same is the number of homes sold. This number remains around 650 homes sold in the past 30 days. While is number is noticeably down from the peak spring and summer season it is normal for this time of year.
The spokane housing market is still strongly considered a seller’s market. This can be evidenced by the number of months of inventory we have for our current buyers. If buyer activity remained the same while no further homes were listed, we would run out of homes to sell all our active buyers in 1.2 months. While this scenario will almost not ever happen it is very much an important statistic to pay attention to if you are looking to be in the market to buy or sell a home.