Spokane Market

SPOKANE MARKET TRENDS

Spokane County

Facts & Trends

June 2024 was a Seller's market! The number of for sale listings was up 31.6% from one year earlier and up 13.8% from the
previous month. The number of sold listings decreased 16.5% year over year and decreased 7.8% month over month. The
number of under contract listings was up 12.8% compared to previous month and up 4.2% compared to previous year. The
Months of Inventory based on Closed Sales was 2.5, up 56.7% from the previous year.

For Sale Vs Sold

Property Sales (Sold)

June property sales were 555, down 16.5% from 665 in June of
2023 and 7.8% lower than the 602 sales last month.

Current Inventory (For Sale)

Versus last year, the total number of properties available this
month was higher by 333 units of 31.6%. 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 13.8% compared to the previous month.

Property Under Contract (Pended)

There was an increase of 12.8% in the pended properties in
June, with 615 properties versus 545 last month. This month's
pended property sales were 4.2% higher than at this time last
year.

Average Price Per SQFT

Average Sold Price per SF was 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. The June 2024 Average Sold Price per
Square Footage of $221 was up 0.5% from $220 last month
and up 2.8% from $215 in June of last year.

* Based on 6 month trend Appreciating/Depreciating/Neutral

Days on Market

The Days on Market Shows Downward 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 2024 was 21,
down 4.5% from 22 days last month and up 10.5% from 19
days in June of last year.

The Sold/Original List Price Ratio Was Rising*

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 the same as
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 Appreciating*

The Average For Sale Price in June was $646,000, down 1.2%
from $654,000 in June of 2023 and down 3.1% from $667,000
last month.

The Average Sold Price was Appreciating*

The Average Sold Price in June was $489,000, down 0.2%
from $490,000 in June of 2023 and down 1.8% from $498,000
last month.

The Median Sold Price was Appreciating*

The Median Sold Price in June was $447,000, up 1.6% from
$440,000 in June of 2023 and up 1.6% from $440,000 last
month.

* Based on 6 month trend Appreciating/Depreciating/Neutral

Months of Inventory

It was 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 2024 Months of Inventory based on Closed Sales of
2.5 was increased by 56.7% compared to last year and up
24.7% compared to last month. June 2024 was Seller's market.

Months of Inventory based on Pended Sales

The June 2024 Months of Inventory based on Pended Sales of
2.3 was increased by 28% compared to last year and up 4.5%
compared to last month. June 2024 was Seller's market.