Spokane Real Estate – Market Report 2019

Spokane Real Estate – Market Report 2019 trend through February 2019 are below.

The Spokane Real Estate Market: Chilling Trends in Q1 2019

Can you say, “Brisk winter with occasional flurries of competitive bidding”? With temperatures dropping outside, the housing market stayed hot, continuing its upward trend despite the icy conditions. Sellers enjoyed an advantage as limited inventory kept demand high, while buyers bundled up and braved the cold to secure their dream homes.

Winter Market Trends and Statistics

The median home price in Spokane saw a steady increase through the winter months, reflecting strong demand despite chilly weather. In January 2019, the average home price reached approximately $262,000, climbing further in February. Housing inventory remained low, making it a seller’s market with homes selling quickly, often above asking price. Mortgage rates provided some warmth for buyers, as slight declines improved affordability. The chart below illustrates the average home prices for January and February 2019 and for prior years, showcasing the resilience of Spokane’s market even in the dead of winter.

Spokane’s real estate scene in early 2019 proved that even the cold couldn’t freeze market activity. Whether trudging through snow for an open house or making an aggressive bid from the comfort of a warm living room, buyers had to stay vigilant. Sellers, on the other hand, had the upper hand, enjoying quick sales and competitive offers. With spring on the horizon, the market showed no signs of cooling down anytime soon.

Another Perspective

Looking at market trends sometimes only yields facts; however, look deeper and those facts can indicate useful trends. In February, there were 277 3 & 4-bedroom (BR) home sales, while there were only 113 sales of 1, 2, 5, & 6 BR homes combined. First, if you’re a home buyer, your main competition is for 3-4 BR homes. Can you do with more or less than 3-4 BR? If so, you may have a better chance of getting a home. Are you looking for a desirable investment? The rental market is driven by similar trends, which means many tenants are looking to rent 3-4 BR homes. Competition for 3-4 BR rentals is fierce, and these desirable units command a high rent premium in this market, making them a great investment. When you’re in need of real estate services, I’m here to help you navigate through this hot market.