HERE'S YOUR WEEKLY LISTING REVIEW FOR

16920 N Woodcrest Ct

Hi James,

In the immediate neighborhood (from Bidwell Park to Glencrest Dr) there are 13 active listings including yours between $400K-$650K. There are 2 pending listings and they’re at $415,000 and $479,000. Only 2 have sold in the last 30 days and both were under $500K. So we’re at a unique point in the market right now where there’s quite a bit of inventory and the only inventory that is moving in the neighborhood is under $500K. So, not suggesting that we need to make a reduction at this point, it’s more for context of the market and what buyers are spending in your neighborhood right now. Average days on market is 45 and we’re at 25. Staging contract is ending this Thursday 11/6. Let me know if you’d like to remove it or extend.

Thoughts for the Week: Mortgage rates are holding steady in the low 6s this week (around 6.1%–6.3% per Mortgage News Daily), offering a bit of relief compared to earlier this year. Nationally, Redfin’s latest Home Turnover Report shows the fewest homes changing hands in nearly 30 years, as many homeowners stay put with sub-4% mortgages. Locally, Spokane’s October data for residential homes and condos shows a median sales price of $429,995, essentially flat month-over-month and down just 1.8% from last year. Closed sales dropped 11.5% to 552, while the median days on market held at 25. Sellers are still receiving about 98.8% of list price, and active inventory rose slightly to 2,177 homes—equating to 3.9 months of supply. This points to a balanced market where pricing accuracy and presentation matter most; buyers have options, but well-priced listings are still moving steadily.

– Haydn