Spokane Real Estate Market
The Spokane real estate market regained its momentum in May. Seasonally it is typical for the Spokane area home sales to see an increase starting about March and running through July or August. April was an anomaly with its seasonal decrease in closed sales. Additionally, April showed a decrease in sales month over month compared to the previous two years.
The dip in closed sales was not because there was a lack of buyers, but because there was a lack of inventory. The grocery store will have a drop in potato sales when they run out of potatoes. They will also have a drop in potato sales if they just run low on potatoes but the remaining potatoes are the expensive potatoes. When potatoes run low, shoppers will pick through the potatoes to find the good ones and soon all you will have is bad overpriced potatoes. Ok, I think you get the point.
As the housing market inventory in Spokane continues to recover, the number of closed sales will continue to rise. The market is still very active and there are still a lot of buyers looking for homes. The deals that get signed around now will be closing the end of July through the end August.
The median price home market in Spokane will continue to be strong throughout the rest of the season. The market for higher end homes is also improving and will continue to do so. Homes costing a half million dollars in Spokane can't expect to sell in less than a week with multiple offers but high end homes that are priced correctly will sell relatively quickly.
Distressed home sales; short sales and foreclosures, account for 5% of total closed sales last month. This is the lowest it has been in 10 years. This is good news for both buyers and sellers.
written by:Todd Hays