Spokane, WA Real Estate: About Current Market Conditions

offered by Jeannette Karis "The REALTORŪ with the English accent!"

With fewer of the toxic loans in WA State property values have not dropped as low as in some other states such as CA,NV & FL. Spokane has been spared the deep home value reductions seen in other parts of the US. Our average price through October 2011 is $169,000. 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. Inventory levels have trended down this year around 12% down on 2010. Interest rates are still at record lows. Properties that are not main stream are still struggling to attract buyers. Condition and marketability are now even more important. It is basically a beauty contest and sellers are having to do more to attract buyers. Buyers in all price ranges are negotitaing their cosing costs into the contract. More sellers in a short sale position are entering the market. Offers are subject to lender approval and then the negotiations start all over again with the lender. This process can take up to 6 months or more to complete. However some sellers are now able to get short sale approval prior to going on the market and this can speed up the process. However this continues to be a frustrating position for buyers and sellers both. More lender owned property is entering the market and with Short Sale sellers are about 10-15% of the market in Spokane.

Buyers now have more choices but may still be presenting competing offers on well priced properties/lender owned properties. Many of the lender owned properties will need work and may be more attractive to investors. New construction sales are increasing running 11.2% ahead of last year with some incentives being offered. More new construction models to view than last year which helps buyers to make new construction their choice. Builders are still quoting around 3-6 months from permit to complete.

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 since 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.

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.The total sf figure now available is not necessarily all finished