How Hot is the Spokane Real Estate Market?

By
Real Estate Agent with Five Star Spokane Group, Keller Williams Realty 2994

What does the Spokane Association of Realtors say about May 2013 numbers? The best May since 2007... that’s six years ago! We have seen a 33% increase in sales from April 2013 to May 2013, with average sales price increasing 5.7% over April. Comparing 2013 statistics to 2012, we see that year-to-date sales are up 23.6%, while inventory is down compared to last year. New construction sales are up 69.6% over last year.

While these numbers reflect what happened in the Spokane Real Estate market last month, Five Star Spokane Real Estate Group at Keller Williams Realty keeps track of the numbers on a weekly basis, because if we waited around for a month to find out what was happening in our market, we couldn’t give our sellers the most accurate, up-to-date advice on pricing and negotiations.

 

That is why we provide our sellers with a Total Market Overview (TMO), which is updated weekly and breaks out the amount of supply and demand, Days on Market, and List-to-Sales Price Ratio in the Spokane Real Estate market and then in each price range. We also keep track of the numbers for each area, so whether you are looking to sell a home on Spokane's South Hill, North Side, Five Mile Area, Spokane Valley, Liberty Lake or other areas, we can show you the specific information for your neighborhood. 

What our Spokane Real Estate Market TMO tells us right now is that out of 4,298 homes currently on the market, 29.4% of those are pending. The price range with the highest demand and lowest supply is the $150,000-$175,000 price range, with over 38% pending ratio. That means that more than 1 out of 3 homes in this price range with a “For Sale” sign in the yard are under contract and no longer available for sale, higher than any time since 2006!

What do all these numbers mean to you? This is the time to SELL your Spokane Home! It is a perfect time for move up Spokane Home Buyers to capitalize on the peak of the market by selling homes in the lower price ranges and purchasing larger homes while these low interest rates allow them to buy more home for the money than in recent history! Would you like a Spokane Real Estate Total Market Overview? Sign up here or give us a call at 509.323.5555 and we will send you one immediately!

Would you like to find out how much your home is worth in Spokane's hot real estate market? Sign up here and we would be happy to provide that information for you. We look forward to helping you capitalize on this amazing opportunity for Spokane Home Sellers!

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