Go Spokane Real Estate
Welcome to Go Spokane Real Estate where you will find up to date information on the Spokane real estate market. Here you will find valuable resources whether you are looking to sell your home or buy a home in the Spokane area.
If you are looking at homes for sale in Spokane or the surrounding area, you can search the Spokane MLS. You can use your own custom search criteria or the home search map feature. I teach a home buyer education class in Spokane where you can learn more about the home buying process including home mortgage and many different home loan programs available.
If you own a Spokane home that you are considering selling, you will find information to help decide if now the right time to sell. Here you will see the latest statistics regarding the Spokane real estate market. There is also information that will help you price your home correctly and understand the importance of a good marketing plan.
Spokane Real Estate Market
There were 846 single family homes on less than one acre including condominiums sold this October in Spokane County. This number is up 22.8% from the same month last year when 689 homes sold.
Because home sales in Spokane County were down throughout most of the year, year to date home sales were still down 6% through October with 6,652 closed sales reported this year compared to 7,076 through October last year.
The average sale price in Spokane County was $287,985 in October, an increase of 8.9% over the previous October when the average sale price was $264,453.
The year to date average sales price is in Spokane County $283,416 up 11.1% from last year’s average sales price of $255,183.
The median price home in Spokane County sold for $265,000 this October, up 10.4% from last October when the median priced home sold for $240,000.
The year to date median sales price is $260,000 compared to last years of $234,975, an increase of 10.7%.
Inventory is down slightly from last month but up slightly from this time last year. We continue with a 1.2 months’ supply as of this report.
New construction sales reported to the Association for October show a healthy increase, 113 closed sales reported this month compared to 79 for October 2018.
Pricing Your Home
As the season slows down it is even more important for sellers to price their homes correctly. Earlier in the season when it was a seller’s market it was actually better to price a home low and let the buyers sort it out. This would create a multiple offer situation that would ultimately bring the highest price. Now that there is no guarantee of multiple offers the first weekend that a home is on the market, pricing a home correctly is more important. As in any market, overpricing a home does not serve a seller well.
Realistic home pricing when the seasonal market is declining is a little tougher to stomach than it is earlier in the season when home prices are on the increase. When you consider that the homes that sold at the peak of the market were put under contract a month earlier and the homes that are signed around today will not be closing for another month it becomes necessary to interpolate the market down to correctly price a new listing. Even with a perfect comparable that closed in July, it would be very unrealistic to price a new listing going on the market in October at the same price the comparable closed for in July.
On the other side of the coin, a new listing that is in good condition and priced correctly will get a lot more buyer activity than the homes that are still on the market from last summer that were overpriced to begin with. If the overpriced home is yours, it may be a good time to take it off the market, do the needed work to get your home in tip top shape and put it back on the market in April as a new listing.
Don’t price your own home. Have an experienced Realtor give you a price opinion and then have them show you the comparable and market data to substantiate their price opinion. Most homeowners have the knowledge and access to the information to price their home correctly but what they are lacking is the experience and the objectivity; most importantly, the objectivity. I have seen many seasoned agents who have priced and sold many homes, overprice their own homes. People with more knowledge, more experience and access to more data still shouldn’t price their own homes because they lack the objectivity.
Written by: Todd Hays