Spokane Market

SPOKANE MARKET TRENDS

Spokane County

Facts & Trends

February 2025 was a Seller's market! The number of for sale listings was up 25.1% from one year earlier and down 7.3% from
the previous month. The number of sold listings decreased 3.8% year over year and decreased 0.6% month over month. The
number of under contract listings was up 5.5% compared to previous month and up 6% compared to previous year. The Months
of Inventory based on Closed Sales was 2.5, up 31.2% from the previous year.
The Average Sold Price per Square Footage was down 0.5% compared to previous month and up 3.4% compared to last year.
The Median Sold Price increased by 3.7% from last month. The Average Sold Price also decreased by 2.7% from last month.
Based on the 6 month trend, the Average Sold Price trend was "Depreciating" and the Median Sold Price trend was "Neutral".
The Average Days on Market showed a upward trend, an increase of 2.4% compared to previous year. The ratio of Sold Price vs.
Original List Price was 98%, an increase of 1% compared to previous year.

For Sale Vs Sold

Property Sales (Sold)

February property sales were 357, down 3.8% from 371 in February of 2024 and 0.6% lower than the 359 sales last month.

Current Inventory (For Sale)

Versus last year, the total number of properties available this
month was higher by 179 units of 25.1%. 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 7.3% compared to the previous month.

Property Under Contract (Pended)

There was an increase of 5.5% in the pended properties in
February, with 477 properties versus 452 last month. This
month's pended property sales were 6% higher than at this
time last year.

Average Price Per SQFT

Average Sold Price per SF was Depreciating*

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 February 2025 Average Sold Price per
Square Footage of $212 was down 0.5% from $213 last month
and up 3.4% from $205 in February of last year.

* Based on 6 month trend Appreciating/Depreciating/Neutral

Days on Market

The Days on Market Shows Upward 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 February 2025 was 42,
the same as last month and up 2.4% from 41 days in February
of last year.

The Sold/Original List Price 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 2.1% % from last month and up from
1% % in February 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 February was $635,000, down
3.1% from $655,000 in February of 2024 and up 7.4% from
$591,000 last month.

The Average Sold Price was Depreciating*

The Average Sold Price in February was $466,000, up 4.7%
from $445,000 in February of 2024 and down 2.7% from
$479,000 last month.

The Median Sold Price was Neutral*

The Median Sold Price in February was $425,000, up 2.4%
from $415,000 in February of 2024 and up 3.7% from $410,000
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 February 2025 Months of Inventory based on Closed Sales
of 2.5 was increased by 31.2% compared to last year and down
7.5% compared to last month. February 2025 was Seller's
market.

Months of Inventory based on Pended Sales

The February 2025 Months of Inventory based on Pended
Sales of 1.9 was increased by 18.9% compared to last year
and down 9.4% compared to last month. February 2025 was
Seller's market.