We are back with your monthly real estate and mortgage update! This month, we sat down at one of our absolute favorite pizza spots in town: The Flying Goat, located in the Downriver/Audubon area.
If you haven’t been to this hidden gem of a neighborhood, you’re missing out. And if you make it to The Flying Goat, we highly recommend the Dalton or the Fairview—those pizzas slap (as the kids say these days). 🍕
Now, let’s get into what you’re really here for: the local housing and mortgage market.
🏡 Real Estate: Getting Back to “Normal.”
Honestly, it has been a really encouraging start to the year. We saw activity pick up right out of the gate. While some recent events have created a bit of hesitation in the decision-making process for some, the overall picture is incredibly stable.
Here are the key takeaways for the Spokane real estate market:
- Stable Prices: Prices are holding steady for both buyers and sellers. We aren’t seeing massive spikes or drops.
- Median Price Point: We are sitting right at $400,000. That is essentially flat year-over-year (only about a 0.1% difference).
- Increased Activity: Our new pending contracts for the month of February were up 18% year-over-year. That is a fantastic sign of a healthy market!
- Balanced Inventory: We aren’t seeing inventory flood the market at an excessive rate, nor is it being absorbed too quickly.
We are finally stepping back into what feels like a “normal” real estate market. Things are staying affordable, and we aren’t seeing the wild swings in pricing that we’ve experienced in recent years.
📉 Mortgages: Rates Starting with a “5”?
Just like home prices, interest rates are finally showing some consistency. We are ending February with about five months of fairly stable rates under our belts.
- Current Averages: To end the month of February, rates were sitting right around 6.1%. However, recent national averages have just tipped slightly below 6%.
- The Spokane Advantage: The average rate in Spokane tends to be about an eighth of a point better than what you’ll find nationally.
- The Magic Number: Yes, there are actually some rates starting with a “5” right now! This is exactly what a lot of buyers have been waiting for, and it’s a big reason why we are seeing activity spur back up.
Despite geopolitical events in the Middle East, rates have remained fairly resistant. While rising oil prices could eventually affect long-term rates, things are very stable in the financial markets right now.
🔮 Looking Ahead
Moving forward, the things most likely to slow the market down or create pauses will be more political than fundamental. Barring any unforeseen events, we expect the market to stay nice and stable. The next month might feel a little slower as people navigate some uncertainty, but the fundamentals are strong.
Bottom line: There isn’t much we can do about global events, but we can make smart decisions based on the stable information right in front of us. If the timing is right for your life, the market conditions are actually aligning quite well to make a move.
Let’s Build Your Strategy
If you have a major life decision coming up and are thinking about buying or selling, we would love to sit down with you for a strategy session. We can help you navigate this market from both the real estate and the mortgage side.
- Real Estate: Reach out to the Spokane Home Guy at 509-990-SOLD
- Mortgages: Reach out to Chimney Rock Mortgage at 509-747-1300
The Flying Goat ~ Pizza Galore!
Located in the Audubon Neighborhood, The Flying Goat was created in 2010 to become a neighborhood craft beer bar and casual eatery, where the craft beer list is as carefully chosen as the menu items themselves. As they studied the time-honored history of classic pizza making, they were inspired by the legacy, flavors, and aromas of the Neapolitan Style. Their goal was to honor the craft of artisan pizza making, while creatively infusing local flavors and ingredients – and they sure accomplished that!
The Flying Goat is the sister store to Republic Pi (South Hill) & Uprise Brewing Co. (Kendall Yards)
We chose to have the Dalton & the Fairview Pizzas! The Dalton (pictured on the top left), this pizza contains honey apple bbq sauce, house cheese blend, pulled pork, caramelized onion, topped with coleslaw – that is so delicious and refreshing! It was a bite that perfectly encompassed everything you’d taste while at a family bbq. The Fairview (highlighted on the right), made with heavy cream, house cheese blend, house back bacon, pears, gorgonzola cheese crumbles, finished with white balsamic reduction, is absolutely flavourful. The bacon and pear on the pizza are sliced thin, so they develop the most mouth-watering char, and the white balsamic reduction is the cherry on top. Both of these pizzas are so unique, and a must-try when you come in!
Want to check them out before you swing by? https://www.theflyinggoat.com/
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