|
The housing market in Spokane has enjoyed some increase in value in the last few years. The total sales for 2007 ranked as the 5th best year on record. Inventory is increasing over 2007 by around 18% more homes available for sale in 2008 compared to 2007. Interest rates are still comparatively low. The more desirable neighborhoods enjoyed a greater increase in value in 2007. Now properties that are not main stream are struggling to attract buyers. Condition and marketability are now even more important. More sellers in a short sale position are entering the market. Sellers in this situation can accept numerous offers subject to lender approval and then the lender will decide which to proceed with. A frustrating position for some buyers. Lender owned housing is available in some price ranges. Buyers now have more choices but may still be presenting competing offers on a few under market priced properties. New construction sales are more than 50% down on 2007 with many builder incentives being offered. Builders are still quoting 6-8 months to complete from bare land. |
The housing stock in the Spokane area includes properties built in 1890 right through to the present day. The great majority of these have basements although they may range from the rock basement, root cellar to the full, finished, daylight walk-out basement and everything in between. Construction is mainly wood frame and the large majority of resale homes are sided with wood or vinyl siding. Brick and stone are used more for accents due to costs, although a number of homes in the 50's were built entirely of brick. Homes built in the 90's have new technology products such as the LPI truss system. With hydro electric power utility bills were lower than those in other states. However even with the recent increases in the price of gas, electric and oil, gas is still a popular choice for a heat source in homes but not usual as a cooking source or for the use of gas dryers in a resale home. Central air conditioning is available in a great many homes. Central vacuum is more common in the upper end properties. Our market activity sales data tell us that Spokane is a stable community with the median price increasing to around $178,000. This average home would have around 1100 square feet on the main floor, 3 to 4 bedrooms, with a 2-car garage and more finished living space either on another level or in the basement.
In this area the sf figure most commonly qouted is the tax assessed sf, the sf of the foundation less the garage. So to figure out the total living space this figure may be multiplied by 1.5, 2 or 3 depending on the style of the home and whether or not additional levels have finished living space. |
Jeannette Karis, ABR,CRS,GRI,SRES - "The REALTOR with the English accent!"
509-994-8246 // 800-490-4378 // licensed in WA state
RE/MAX of Spokane, 12810 E Nora Suite E, Spokane WA 99216, (each office independently owned & operated)