In looking at what is going on in any market, you will find there are several key indicators which must be taken into consideration. These indicators predict Supply and Demand, which are the critical determiners of price and the speed of sale.
The first indicator is the number of Homes For Sale in the market and also in your price range. The numbers of homes on the market represent the supply side of the equation. The question you need to ask yourself: ”Is this number increasing or decreasing?”
The next factor to take into consideration is the demand side or the Number of Homes Pending, which represents the current activity in the market place. The “Pendings” represent those homes that have received an accepted offer and are on their way to closing. The average length of time for an escrow in Spokane is approximately thirty days. Hence the “Pendings” represent the last thirty days of sales activity. The question: “Is this number increasing or decreasing?”
Other things to consider are: How many Homes are “Expiring”(or not selling), Average Listing Prices, Average Sales Prices and Days On Market.
If you would like an explanation of what is going on right now in our real estate market, please feel free to contact us at 480-758-3062.
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