Hey, it's "BethAnn in Spokane" with the latest Spokane Wa. June 2019 Real Estate Statistics!
Closed sales are down 13.1% when compared to May of 2018. Clearly, the lower inventory (number of homes for sale ) is a factor here. Buyers are having a challenge finding homes, especially under 300K , and often have to be patient.
Both average and median home prices are up over 10% from last year at this time. We seem to have a very steady influx of out of town people moving into the area, and this seems to a be a trend that will continue based on interest in the Spokane area for a variety of reasons.
As noted in this report, inventory is down over 12% from last year- and is about 50% down from 3 years ago. This makes it critical to be working with a diligent buyers agent when seeking to purchase property in the Spokane area .
With " distressed " properties ( foreclosures, short sales ) being a fraction of our market (2.3%) very few people are able to buy these. Sometimes this just isn't the way to go for the average buyer as it can carry additional risks.
The late Winter we experienced gave us a later start to the Spring market- so it is quite possible the Summer market will be steady and strong.
I welcome your questions about the Spokane Real Estate Market !
BethAnn in Spokane
