Looking for honest assessment (any realtors from Spokane out there?) of housing market in Spokane - no spin please (days on market)

[rick49]

Looking at 400k to 500k range, one acre or so, and seems to be a lot sitting on the market. Is this stuff moving at all, and what kind of discounts off the asking prices are you seeing to make a sale? I am talking used homes, not the new builds. I appreciate your assessment. Rick

[WendyK]

I just pulled a general search for homes priced from $375,000 - $525,000 that are on .5 to 1.5 acres in Spokane county listed since 7/1/07, not including new construction. There were 98 total results. Of that number, 29 are active listing, 4 are pending, 13 have sold & closed, 52 were released or expired (many of which are now showing up as the new active listings).
For the homes that sold, the average list price was $448,476 and the average sale price was $440,696, with an average days on market of 34 days.
Price per sq. ft. for sold homes is $123/sq. ft.
Generally, homes are selling within 3-8% of their list price, but that's not to say that some people listed their homes a little too high and have now relisted at more reasonable prices. Your agent can help you calculate whether or not the homes you're looking at are priced correctly, and what type of offer to make based on certain factors (condition, location, square footage, improvements, outbuildings, etc.)

[allforcats]

WendyK, superb post!! Perfect post!! Your clarity and specific detail show that you put effort and time into providing the OP with needed information. Three cheers to you, WendyK!!

[rick49]

Very helpful input Wendy. Clearly professional. Thank you.

Rick