SPOKANE MARKET TRENDS

Spokane County

Facts & Trends

Sellers Market Graphic

June 2022 was a Seller's market! The number of for sale listings was up 189.3% from one year earlier and up 53.1% from the previous month. The number of sold listings decreased 9.8% year over year and increased 5.8% month over month. The number of under contract listings was down 11.7% compared to previous month and down 20.4% compared to previous year. The Months of Inventory based on Closed Sales is 1.2, up 207.1% from the previous year.

For Sale Vs Sold

Property Sales (Sold)

January property sales were 277, down 39.1% from 455 in January of 2022 and 34.7% lower than the 424 sales last month.

Current Inventory (For Sale)

Versus last year, the total number of properties available this month was higher by 403 units of 191.9%. 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 down 22.9% compared to the previous month.

Property Under Contract (Pended)

There was an increase of 38.5% in the pended properties in January, with 421 properties versus 304 last month. This month's pended property sales were 11% lower than at this time last year.

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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. The January 2023 Average Sold Price per Square Footage of
$194 was down 2.5% from $199 last month and down 3% from $200 in January
of last year

* Based on 6 month trend Appreciating/Depreciating/Neutral

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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 January 2023 was 39, up 5.4% from 37 days last month and up 95% from 20 days in January 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 96% was up 2.1% % from last month and down from 4% % in January 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 is Depreciating*

The Average For Sale Price in January was $593,000, down 24.5% from $785,000 in January of 2022 and up 5.9% from $560,000 last month.

The Average Sold Price is Neutral*

The Average Sold Price in January was $428,000, down 2.3% from $438,000 in January of 2022 and down 4.7% from $449,000 last month.

The Median Sold Price is Neutral*

The Median Sold Price in January was $380,000, down 2.6% from $390,000 in January of 2022 and down 4.5% from $398,000 last month.

* Based on 6 month trend Appreciating/Depreciating/Neutral

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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 January 2023 Months of Inventory based on Closed Sales of 2.2 was increased by 368.3% compared to last year and up 16% compared to last month. January 2023 was Seller's market.

Months of Inventory based on Pended Sales

The January 2023 Months of Inventory based on Pended Sales of 1.5 was increased by 247.8% compared to last year and down 42.1% compared to last month. January 2023 was Seller's market.

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Absorption Rate based on Closed Sales

It Was a Seller's Market*

Absorption Rate measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed each month.

*Buyer’s market: 16.67% and below
Seller’s market: 33.33% and above
Neutral market: 16.67% - 33.33%

Absorption Rate based on Closed Sales

The January 2023 Absorption Rate based on Closed Sales of 45.2 was decreased by 79.2% compared to last year and down 15.2% compared to last month.

Absorption Rate based on Pended Sales

The January 2023 Absorption Rate based on Pended Sales of 68.7 was decreased by 69.5% compared to last year and up 79.8% compared to last month.

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