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         Go Spokane Real Estate

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 amidst Covid-19

October 2020

The Spokane housing market has COVID-19. I’m not sure whether the real estate market in Spokane County actually caught the Corona Virus but it is definitely exhibiting some strange symptoms that can’t be explained any other ways.

Home prices in Spokane are setting records. The mean average and the median average in October both increased over 20% compared to October of 2019. They both hit all-time highs.

October home sales in Spokane County are down 3% from the same month last year but with a much higher demand, this number is purely inventory driven. Spokane housing inventory is desperately low with about a 2 week inventory of single family homes.

*The above statistics came from the Spokane MLS considering single family homes on less than one acre, including condominiums.

**Housing inventory expressed as time is a hypothetical number taking the current rate of sales with no new inventory coming onto the market.

Spokane real estate market number of closed sales last month

New construction is fallowing a similar trend. With year to date closed sales of newly constructed homes at 424 through October, they are up 14% compared to the same period last year. Basically, they’re selling them as fast as they can build them and they’re building them as fast as they can.

Spokane real estate market active listings

What’s Next?

Who knows? Just like the rest of the pandemic, this is something that we haven’t really seen; especially here in Spokane.

Spokane real estate market average sale price

Is the bubble going to pop?

What bubble? In the past when prices have had dramatic increases, more and more sellers want to jump on the bandwagon and sell their homes for the newly inflated prices. The inventory begins to build with a lot of overpriced homes. That is the bubble and at this time there is no bubble to pop.

Spokane real estate market median sale price

Will this market continue?

No, not forever. Interest rates are staying low for now. Sellers seem reluctant to put their homes on the market; likely due to the pandemic. These two facts seem to be perpetuating this feeding frenzy of desperate buyers. So, at least for now this is the market we have. It is not a healthy housing market and it won’t be able to sustain itself forever.

It is nearly impossible to predict what is going to happen with any kind of accuracy. Just like the rest of the economy though, there will likely be fallout.

If you are someone who normally reads this page, you know that I usually have a much more positive optimistic spin on the Spokane real estate market. If you would like to have an honest, candid conversation about the Spokane housing market and how it could impact you and your goals, give me a call.

Real Estate Restrictions for COVID-19

Governor Inslee’s Latest COVID-19 Restrictions as it Pertains to Real Estate

November 16, 2020

Due to the recent spike in cases in Washington State, Governor Inslee has imposed new COVID-19 restrictions on all of us in an attempt to curb the surge. Below is a short list of the ways that the current restrictions impact the real estate business in Spokane County.

  • There will be no real estate open houses.
  • Real estate brokerage offices will have limited building occupancy and not open to the general public.
  • All listings will be shown by appointment only.
  • No more than 6 people, including the broker, may be in a listing at a time.
  • Cloth face coverings will be worn at all times during showings.
  • Social distancing of at least six feet will be practiced at all times.

Additional PPE such as booties and disposable gloves as well as specific instructions for buyers and buyers’ agents may be left at the main entrance of a listing. These items should be used and any instructions that address any other sellers’ concerns need to be fallowed.

A more general list; COVID-19 Guidance is posted in The News Room.

The Lower Spokane Falls and the Washington Water Power building