Spokane Real Estate – Market Report March 2019

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Spokane Real Estate – Market Report March 2019

The Spokane Real Estate Market: A Wild Ride Through Q1 2019

If the Spokane real estate market from January through March 2019 were a movie, it would be a roller coaster thriller with a few unexpected plot twists and a cast of eager buyers and competitive sellers. Q1 2019 had its fair share of drama and intrigue.

Prices on the Rise (Again!)

Home prices in Spokane continued their upward trend, proving once again that the city’s housing market had no plans of slowing down. Median home prices steadily climbed, much to the delight of sellers and the dismay of first-time buyers trying to enter the market without selling a kidney. Low inventory kept the competition fierce, and bidding wars were still common, though perhaps not as cutthroat as they would later become.

Inventory: A Game of Hide and Seek

Finding a home in Spokane during Q1 2019 was a bit like searching for a four-leaf clover—possible, but not exactly easy. Housing inventory remained tight, with fewer homes available than many buyers would have liked. This kept prices buoyant and gave sellers the upper hand in negotiations. Buyers had to move quickly, often making strong offers with minimal contingencies just to stay in the game.

Interest Rates: A Tiny Silver Lining

One bright spot for home buyers was mortgage rates, which took a slight dip in early 2019 after a climb in the previous year. This provided some relief in affordability, even as home prices continued to rise. Buyers who were quick on their feet and ready to act fast could still snag a deal—relatively speaking.

The Verdict?

Spokane’s real estate market in early 2019 was a seller’s playground, but buyers who were prepared, patient, and perhaps a little lucky could still find success. With rising prices, low inventory, and competitive bidding, it was a market that kept everyone on their toes. Whether you were buying, selling, or just watching from the sidelines, Q1 2019 was anything but boring!

 

Spokane real estate average sale prices since 2017 showing year-over-year price increases.

Spokane real estate months of inventory showing a very low supply of homes for sale in 2018 and 2019.

Average days on market for Spokane real estate. In 2018 and 2019, days on market were higher in early months and were lower through the rest of each year.

Chart showing chances of selling by month in 2018 and 2019. On average, about 60% of all properties listed for sale in Spokane sell when they are listed.

Finding the Spokane Real Estate Deal!

Ever hear anyone say, “If you want a deal, buy a fixer-upper”? How accurate is that? When it’s slow and hard to sell a property, fixer-uppers can be a bargain. They often sell for less than asking price. But, our market isn’t slow right now. If you’re trying to buy a home and frustrated because all the investors are “getting a deal,” think again.

Over half of the fixer-uppers sold at or above list price, some over 10%, 20%, and even 30%, since the start of the year. Finding a diamond in the rough is a more rough and less diamond at the moment. This market requires one of two buying strategies. Need something now? Be ready to duke it out with the other bidding wars. Otherwise, wait it out until you find what’s right for you. Either way, make sure you have a plan! Call me when you’re ready to start your real estate journey.

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Spokane & Green Bluff Market Information

Interested in keeping up with other details of Spokane real estate? Check out the Spokane Association of Realtors.

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