Spokane County Housing Update - Resale Only
Housing Inventory Remains Tight
In May 2023, there were both fewer resale listings and a lower number of homes going under contract compared to May 2022. However, we are experiencing an elevated level of Sales Activity Intensity™ for the homes that are coming onto the market in the more affordable and mid-priced range. This is powering the normal seasonal upward trend of the region’s median home price that happens each year during the spring and pre-summer months.
SALES ACTIVITY INTENSITY™ SCALE
6.06%
4.13%
4.35%
2.89%
UNBELIEVABLE INTEREST RATES
3.18%
MONTHS SUPPLY SCALE
BACK TO TOP
KEY MARKET INDICATORS JUNE 2023 (MAY RECAP)
For Buyers to create a higher level of certainty for a seller to accept their offer in a multiple offer situation and to also support their negotiation requests, the ultimate is an all-cash offer. But if your offer is based on obtaining a home loan, getting fully underwritten beforehand makes a dramatic difference. It places your financed offer ahead of other buyers that are only pre-approved and sometimes allows you to compete with an all-cash offer. This can set you apart when a seller is reviewing offers.
Current housing market
Source: Spokane Association of Realtors. MLS. Data is for Resale only. © 2023 John L. Scott Real Estate
