Spokane Market

SPOKANE MARKET TRENDS

Spokane County

Facts & Trends

June 2023 was a Seller's market! The number of for sale listings was up 11.9% from one year earlier and up 24.4% from the
previous month. The number of sold listings decreased 26% year over year and increased 1.3% month over month. The number
of under contract listings was up 0.3% compared to previous month and down 7.3% compared to previous year. The Months of
Inventory based on Closed Sales was 1.8, up 51.8% from the previous year.

For Sale Vs Sold

Property Sales (Sold)

January property sales were 602, down 26% from 814 in June of 2022 and 1.3% higher than the 594 sales last month.

Current Inventory (For Sale)

Versus last year, the total number of properties available this month was higher by 112 units of 11.9%. This year's bigger inventory means that buyers who waited to buy may have bigger selection to choose from. The number of current inventory was up 24.4% compared to the previous month.

Property Under Contract (Pended)

There was an increase of 0.3% in the pended properties in June, with 601 properties versus 599 last month. This month's pended property sales were 7.3% lower than at this time last year.

Average Price Per SQFT

Average Sold Price per SF is Appreciating*

The Average Sold Price per Square Footage is a great indicator for the direction
of property values. Since Median Sold Price and Average Sold Price can be
impacted by the 'mix' of high or low end properties in the market, the Average
Sold Price per Square Footage is a more normalized indicator on the direction of
property values. In June 2023 Average Sold Price per Square Footage of
$216 was the same as last month and down 5.7% from $229 in June
of last year

* Based on 6 month trend Appreciating/Depreciating/Neutral

Days on Market

The Days on Market Shows Neutral Trend*

The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for June 2023 was 18, up 14.3% from 21 days last month and up 80% from 10 days in June of last year.

The Sold/Original List Price Ratio Remains Steady**

The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 99% was the same as last month and down from 2.9% % in June of last year.

* Based on 6 month trend – Upward/Downward/Neutral
** Based on 6 month trend – Rising/Falling/Remains Steady

Avg Price For Sale Vs. Sold

The Average For Sale Price was Neutral*

The Average For Sale Price in June was $654,000, up 0.5%
from $651,000 in June of 2022 and down 2.7% from $672,000
last month.

The Average Sold Price was Appreciating*

The Average Sold Price in June was $492,000, down 4.8%
from $517,000 in June of 2022 and up 4% from $473,000 last
month.

The Median Sold Price was Appreciating*

The Median Sold Price in June was $440,000, down 4.3% from
$460,000 in June of 2022 and up 2.3% from $430,000 last
month.

* Based on 6 month trend Appreciating/Depreciating/Neutral

Months of Inventory

It is a Seller's Market*

A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers.

*Buyer’s market: more than 6 months of inventory
Seller’s market: less than 3 months of inventory
Neutral market: 3 – 6 months of inventory

Months of Inventory based on Closed Sales

The June 2023 Months of Inventory based on Closed Sales of
1.8 was increased by 51.8% compared to last year and up 28%
compared to last month. June 2023 was Seller's market.

Months of Inventory based on Pended Sales

The June 2023 Months of Inventory based on Pended Sales of
1.8 was increased by 20.6% compared to last year and up
28.3% compared to last month. June 2023 was Seller's market.