Spokane's Low Real Estate Inventory

Here we are in the 2nd month of 2018 and I must say one of my FAVORITE months. January was a whirlwind of a month. It was here, I blinked and it was gone. For the real estate industry lots has happened already. Washington State Governor Inslee has signed Bill 6091, hopefully fixing the Hirst Decision. Homes are listed for sell and are gone before you know it. The inventory of homes for sale is currently at an all time low for Spokane County. As of the writing of this post there are only 651 homes for sale that fall under the following criteria:
-          Price: $1million or less
-          Status: Active, New, Back on Market, Price Change and Extend (agreement between Realtor and Seller to sell extended)
-          Sub-Type: Residential (non-manufactured homes), and Condos
-          Lot size: 0.50 acres or smaller

If we add manufactured homes with land (buying the manufactured home and the land) to the mix it increases the total homes for sell to 675. Manufactured homes with leased land only raised the total by 15 properties.

Real Estate experts from the National Association of Realtors are saying that the inventory crisis is the same across the nation.  All Real Estate experts and research firms are predicting a great market for 2018. Inman.com did a Special Report for 2018 and here are some of the Key takeaways from it

-          Real estate pros are generally optimistic about the economy and housing market as the new year begins.
-          Low interest rates, high demand and robust economic conditions were all cited as reasons to be hopeful, even as uncertainty persists.
-          At odds with the positive outlook, however, are rising fears tied to global events.

We base what kind of market we are in by whether it is a Seller’s market(less than 6 months of inventory) Neutral market (6-7 months inventory) and a Buyer’s market (8+ months inventory) by how many months of inventory is available. Currently we have about 1.5 months of inventory available to buy. What’s that mean to you as a potential seller? Well it means that you could see the most money for your home during 2018 for the demand is greater than the supply, especially these earlier months while inventory is low.
If you need another fact to help you off the fence to sell, Washington State is #2 for where people are moving to.  Whether it is for work, family or retirement people are coming to the Pacific Northwest. The #1 state is our neighbor to the east Idaho. We are also a hot destination for those who want out of the rain and traffic of the west side of the state. King County being the #1 location from which in state transplants move from. A reason for the rise in popularity of Spokane is that big companies are coming to the area and the Air Force increase the fleet size at Fairchild AFB. By 2020 Fairchild will have increased service members by 500 which will include approximately 300 to 400 hundred family members and they are all going to need homes to live in. In addition, who knows how many more civilian jobs that will add to the area?

No matter how you look at it Spokane County is a favorite destination for home buyers. You may want to take advantage of it and make now your time to downsize or upgrade into your next home.


 If you have thought about it or you are still thinking about it then PLEASE contact me and allow me to help you. Even if it is only to provide you with a current market analysis of what your home could go for.  I can help you with the process of selling your home and buying your next home. Contact me today 509.217.9904

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