Is Spokane in a sellers market?

According to The National Association of Realtors (NAR) the answer is yes. What does this mean? Formally, a sellers market is market in which the seller can get a better sale price because the scarcity of inventory on the market. This means that prices could start to climb and that if you are looking to buy a home now may be an excellent time to pull the trigger.

Goldman Sachs released a report that home sales could rise as much as 5.2 Million units this year alone. This is an increase of 12% from the previous year. In addition the amount of inventory available is the lowest since 1999, mix that with historic low interest rates and you have a recipe for the sellers market. If this trend continues home prices will increase. The Wall Street Journal reports that if current market conditions continue current inventory will have been sold in 4.2 months, 2 months faster then a months’ supply last year.

As reported by Krem.com locally in Spokane the trend is slowly mirroring the national average.  The (NAR) reports that in Spokane home sales are up 19.8% in addition, home prices are also improving climbing 12.4% over last year. This becomes particularity interesting when you compare this to new listings, which are down 14.1%. The reoccurring theme, when supply is down price goes up.

   

Looking at the historical indicators to a sellers market such as

•  Inventory is lower then the previous year.
• Sales prices are growing.
• Less then six months of inventory is available on the market.

You could draw the conclusion that the Spokane Market is headed for a rebound if not a full turn around.

If you are looking to buy a home before properties get harder to find or prices climb you may what to act now. The professionals at Synergy Properties know the Spokane local Real-Estate market and have become experts at serving the Spokane community. Give us your your criteria and we will find a home for you. For more information contact us at (509) 624-4400 or visit us on the web 

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