Does Spokane really have a low housing market inventory?

KXLY (“Spokane real estate market bouncing back“) and KHQ (“Spokane real estate market improving“) say the inventory of homes for sale in Spokane is low and “high demand from new home buyers” is “leaving fewer” homes on the market – better buy now!

What does the real world data show? It shows the KXLY and KHQ reports are full of bullshit.

Here’s a map of homes for sale as of early May (does not include homes in foreclosure) in various neighborhoods. These maps come from Zillow.com.

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Each red dot is a home for sale. Would you say there is a very low inventory of homes for sale in the Spokane market?

According to the Spokane Real Estate Advisor web site’s April report

Total listings as of May 9, 2014 were down 8.6% from the prior year.  Average days on market was 86. Hardly a low inventory situation.

There is more:

And KXLY says there is a low inventory!

In “Spokane real estate market bouncing back“, KXLY says inventory is low right now. “So what’s the biggest headache right now? Just finding a home to make an offer“.

Calling this market “low inventory” is  disinformation and propaganda. KHQ says the same thing. This is press release reporting by gullible reporters who are embarrassing the community.

Spokane’s economic problems are caused by the continuous propaganda campaign of disinformation by the area’s “news” services (more appropriately labeled “ministries of propaganda”).

If you can’t find a home in this market, fire your real estate sales agent and go use Zillow, Trulia or any number of other online real estate services.

Update July 2014

Here is a table of data presented in the Spokesman-Review. Note that for May 2014, there were more listings than in 2013 and the median price was LOWER than in 2013.  KXLY’s earlier report claiming a shorting was a lie. For June 2014, the number of listings is again higher and the median price is about 1 percentage point higher.

As explained on this blog earlier in the year, use caution in interpreting changes in the median price. The changes may not mean what you think they mean. Lessons learned: never, ever trust a real estate sales agent, whether you are a seller or a buyer. Again: Never, ever trust a real estate sales agent.

SpoListings

 

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