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
588 homes sold in Spokane during the month of December 2018. This number is down 7% compared to December 2017 when there were 632 homes sold.
There were 8,212 homes sold in Spokane County in 2018. This is slightly more than 2017 with a total of 8,151 home sales.
The average home sales price for December was $242,635 which is up 4% from the average of December last year of $233,208.
The average sales price for a home in Spokane County was $255,931 in 2018. This is 11.7% higher than the 2017 average.
The median price home in Spokane County sold for $222,750 in December. Compared to $215,000 in December last year, this is up 3.6%.
The median sales price for the year was $235,000. This is up 11.9% from the year before when the average sales price was $210,000.
Home inventory continues to be a concern in Spokane Washington as we enter 2019. As of this report there were only 798 homes on the market. This number is down 21% for the same time last year when 1,010 homes were on the market.
The information above represents single family homes on less than one acre including condominiums reported as closed sales in the Spokane MLS.
New construction closed sales reported to the Spokane MLS totaled 831 for 2018. This is up 4.6% from 2017.
Buying in a Seller's Market
Spokane home byers looking at homes in the median price range are going to find the market quite competitive. Homes get bought very quickly, often times with multiple offers. Even when they go under contract it is not uncommon to see a backup offer.
Where have all the good deals gone? You are not as likely to find desperate sellers willing to except lowball offers and sell their homes below market value like was the case just a few years ago but there are still good values out there. They just don't stick around for long.
When you look at the current inventory you see a lot of over priced homes in poor condition. You look at a dozen or so overpriced homes the first weekend out and become frustrated. Then on Tuesday a home comes on the market that you may be interested in. You look at it on Wednesday and that evening it is already under contract.
This happens another time or two before you move on something more quickly and get an offer in. You may need to put offers in on three or four before something is accepted. Even then they may have a backup offer so you can't get too crazy with the inspection contingency.
Meanwhile, most of those first dozen homes you looked at are still on the market. Bottom line, more than 80% of what is on the market is overpriced. OK, at least half of what comes on the market is priced correctly so why is 80% of the inventory at any given time overpriced? The homes that are priced correctly sell quickly but the overpriced ones stay on the market a long time affecting this statistic.
How is the best way to approach this market? Get pre-approved by a lender and know your price range. Make a list of needs and wants with an emphasis on needs so you don't make a purchase you later regret. Know your market and look at new listings as soon as they come on the market. Be ready to write strong offers and wright them quickly.
Written by: Todd Hays