What the Spokane Real Estate Market isReally Up To!

Isn't it amazing how much time we spend on speculation? When we google a key word or phrase hoping for meaningful information, we find pages of conjecture. Heck, we do it too. Everyone does.

Sure, we have opinions but we rely on the numbers as the most valuable tool we have. So that you, our clients, investors and potential clients, have the best information possible, we will periodically provide market updates.

In the Spokane and Spokane Valley area, as of October 3, 2006:

• Average days on market is 49 days (up only 6 days since this time in August).
• For homes priced in the $100,000-$199,999 range, days on market averages just 38 days! This is up just 4 days since this time in August, indicating a strong seller's market (days on market tend to increase around this time of the year).
• Price per square foot has increased between $10 and $20 since this time last year.
• The average List to Sales Ratio is 98.9%. Wow!

Now, while sellers are enjoying increasing home sale prices, home prices in Spokane are still among the lowest in the counry. Combined with a great quality of life and low cost of living, Spokane is an attractive market for buyers relocating from out of state or investors looking for a market where the numbers work.

As we've said before, we can't control the market, but can provide you with the information you need to make an informed decision.

PS: The Real Estate Blog directs us to a Business Week article that makes its predictions about which markets will experience the sharpest decline in home prices. Spokane is not among them. We like to think Spokane is one of the Northwest's best kept secrets.