SPOKANE, Wash. - Experts say the housing market in Spokane is booming. Homeowners trying to sell houses in the area are in great shape, but potential home buyers might run into some issues.
Spokane Association of Realtors executive vice president Rob Higgins says the demand for housing in Spokane is high, but the supply just isn't keeping up.
"The market in Spokane is what we call tight," Higgins said. "There's about a... one month supply of houses out there right now."
Higgins says a normal market supply of houses is about four months. That means people who want to buy a home may have a hard time finding one. He says the current Spokane real estate market definitely favors sellers over buyers, and believes there are several reasons why the demand is so high.
"It's job growth, population growth," Higgins said. "The northwest is a good place. A lot of people move to the northwest."
However, home and condo sales in Spokane are actually down 9.1 percent from September 2018. Higgins says Spokane is a hot real estate market, but there aren't as many houses to buy because it is so popular. It's also becoming more expensive to buy the ones that are still available. Higgins says the average and median prices of homes in Spokane is up 11.2 percent from last September, but there are still some silver linings.
"Our... median price for this last month was about $270,000, and that's about $10,000 to $15,000 less than the national median sales price," Higgins said.
Higgins recommends that potential buyers and sellers in Spokane should lock down their new home before putting their one on the market. He says the popularity of the area's real estate market might cause a house to sell extremely quickly.