Spokane Real Estate Market Report

Real Estate Shelf Life

Despite rising interest rates, this Spokane real estate market report shows the market is still active. In October, sold properties averaged 36 days on the market, which has held steady since April. Food has a shelf-life that’s good up to the expiration date. Homes for sale also have a “market-life,” if you will. This year, expired listings almost had double the average days on market of sold properties each month. In October, expired listings averaged 62 days on market.

Seasonal Changes

During this time of year, fall means a seasonal dip in temperatures and often in real estate values too. The expression “’tis the season” celebrates seasonal changes, but retailers celebrate the seasonal buying frenzy. This often means high priced goods and a pinch on our pocketbooks, that is. . .IF we buy in “the season.” During the holidays, items are priced at retail value, and there are a lot of shoppers, so sometimes these prices even increase due to demand.

How to Respond

Popular items with the right prices sell quickly, just like a properly priced house sells quickly and sometimes even above market value. But, ever notice what happens AFTER Christmas, or other holidays? Prices plummet! Buyers are no longer interested in seasonal items, and retailers often just want to get rid of their stock. Those items that sat on the shelf past the prime selling season now require discounts in order to sell; so also with houses that sit on the market too long.

Sellers, if your listing passes the average days on market, it’s time to extend its market life with a revised plan. For buyers, when you see listings with longer than average marketing times, these properties often sell at a discount. Depending on your situation, I can take the information from the current market conditions to help you reach your real estate goals. When you’re ready to navigate the market, let’s set the right course from the start!

Monthly supply of homes for 2017 and 2018 showing less than 3 months supply at all times during these years. Average days on market by month for 2018. High is 55 DOM. Low was 30 DOM. Average days on market for expired, released or withdrawn listings. All types have significantly higher DOM than sold homes for the Spokane real estate market report. Odds of selling for 2017 and 2018. Better odds of selling in 2017 than 2018. List price discount graph showing the longer the days on market, the less the selling price will be.