Spokane Market

SPOKANE MARKET TRENDS

Spokane County

Facts & Trends

August 2024 was a Seller's market! The number of for sale listings was up 24.7% from one year earlier and up 2.6% from the
previous month. The number of sold listings decreased 13.1% year over year and decreased 5% month over month. The number
of under contract listings was up 12.6% compared to previous month and up 11.6% compared to previous year. The Months of
Inventory based on Closed Sales was 2.7, up 42.7% from the previous year.
The Average Sold Price per Square Footage was down 3.1% compared to previous month and up 1.9% compared to last year.
The Median Sold Price decreased by 1.3% from last month. The Average Sold Price also decreased by 1.2% from last month.
Based on the 6 month trend, the Average Sold Price trend was "Neutral" and the Median Sold Price trend was "Neutral".
The Average Days on Market showed a neutral trend, an increase of 3.8% compared to previous year. The ratio of Sold Price vs.
Original List Price was 97%, was the same compared to previous year.

For Sale Vs Sold

Property Sales (Sold)

August property sales were 549, down 13.1% from 632 in
August of 2023 and 5% lower than the 578 sales last month.

Current Inventory (For Sale)

Versus last year, the total number of properties available this
month was higher by 293 units of 24.7%. 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 2.6% compared to the previous month.

Property Under Contract (Pended)

There was an increase of 12.6% in the pended properties in
August, with 606 properties versus 538 last month. This
month's pended property sales were 11.6% 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 August 2024 Average Sold Price per
Square Footage of $220 was down 3.1% from $227 last month
and up 1.9% from $216 in August 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 April 2024 was 30,
down 6.2% from 32 days last month and up 3.4% from 29 days
in April 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 97% was down 1% % from last month and the
same as in August 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 August was $640,000, the same
as in August of 2023 and down 1.5% from $650,000 last month.

The Average Sold Price was Appreciating*

The Average Sold Price in August was $495,000, up 0.4% from
$493,000 in August of 2023 and down 1.2% from $501,000 last
month.

The Median Sold Price was Appreciating*

The Median Sold Price in August was $444,000, up 1.8% from
$436,000 in August of 2023 and down 1.3% from $450,000 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 August 2024 Months of Inventory based on Closed Sales
of 2.7 was increased by 42.7% compared to last year and up
8% compared to last month. August 2024 was Seller's market.

Months of Inventory based on Pended Sales

The August 2024 Months of Inventory based on Pended Sales
of 2.4 was increased by 9.2% compared to last year and down
11.2% compared to last month. August 2024 was Seller's
market.