Welcome to Go Spokane Real Estate where you will find up to date information on Spokane real estate. Here you will find valuable resources whether you are looking to buy or sell 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
602 single family homes on less than one acre including condominiums were sold for March of this year. This is up 7.3% from last March with 561 closed sales.
Both the average sale price and the median sale price for a home in Spokane County set new records this March by being higher than any other March in history.
The average sales price was $237,544 which is an increase of 7.7% over March last year with an average sales price of $220,466.
The median sales price this March was $219,000 and that is up 7% over last March when the median sales price was $204,700.
The reason for the record high prices is low supply and high demand. With its low inventory, the Spokane real estate market is a sellers' market. New listings that are priced correctly will likely get multiple offers very quickly.
Inventory compared to last year at this time is down 19.7%. Even with the low inventory, closed sales continue to be high.
Short sales and bank foreclosures accounted for only 3.3% of the total sales in March. This is about 25% of what it was just a year ago.
The first quarter of 2018 is over and the numbers are in. There were 1,469 homes sold compared to 1,276 in the first quarter in 2017. This is an increase of 15.1%.
The first quarter's average sales price was $231,497. That’s up 9.1% from 2017's first quarter with an average sales price of $212,303.
The median sales price for the first quarter of this year was $215,000. That is 9.4% higher than the median price for the same time last year which was $196,475.
New construction accounted for 173 home sales in Spokane the first quarter of 2018. Compared to last year's 167 new home sale over the same time period, new home sales are up 3.6% so far this year.
written by:Todd Hays
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.