Spokane Market

SPOKANE MARKET TRENDS

Spokane County

Facts & Trends

March 2024 was a Seller's market! The number of for sale listings was up 22.2% from one year earlier and up 9% from the
previous month. The number of sold listings decreased 8.1% year over year and increased 23.6% month over month. The
number of under contract listings was up 23% compared to previous month and up 13% compared to previous year. The Months
of Inventory based on Closed Sales was 1.7, up 30.9% from the previous year.

For Sale Vs Sold

Property Sales (Sold)

March property sales were 451, down 8.1% from 491 in March
of 2023 and 23.6% higher than the 365 sales last month.

Current Inventory (For Sale)

Versus last year, the total number of properties available this
month was higher by 141 units of 22.2%. 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 9% compared to the previous month.

Property Under Contract (Pended)

There was an increase of 23% in the pended properties in
March, with 557 properties versus 453 last month. This month's
pended property sales were 13% higher than at this time last
year.

Average Price Per SQFT

Average Sold Price per SF was Neutral*

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 March 2024 Average Sold Price per
Square Footage of $210 was up 2.4% from $205 last month
and up 1.9% from $206 in March of last year

* Based on 6 month trend Appreciating/Depreciating/Neutral

Days on Market

The Days on Market Shows NeutralTrend*

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 March 2024 was 32,
down 22% from 41 days last month and down 5.9% from 34
days in March 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 98% was up 1% % from last month and up from
1% % in March 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 March was $664,000, up 7.3%
from $619,000 in March of 2023 and up 1.4% from $655,000
last month.

The Average Sold Price was Neutral*

The Average Sold Price in March was $467,000, up 0.9% from
$463,000 in March of 2023 and up 4.9% from $445,000 last
month.

The Median Sold Price was Neutral*

The Median Sold Price in March was $430,000, up 3.6% from
$415,000 in March of 2023 and up 3.6% from $415,000 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 March 2024 Months of Inventory based on Closed Sales of
1.7 was increased by 30.9% compared to last year and down
15.4% compared to last month. March 2024 was Seller's
market.

Months of Inventory based on Pended Sales

The March 2024 Months of Inventory based on Pended Sales
of 1.4 was increased by 7.8% compared to last year and down
12.7% compared to last month. March 2024 was Seller's
market.