Spokane Market Update
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.
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)
August property sales were 549, down 13.1% from 632 in August of 2023 and 5% lower than the 578 sales last month.
Property Under Contract (Pended)
August property sales were 549, down 13.1% from 632 in August of 2023 and 5% lower than the 578 sales last month.
Average Sold Price per Square Footage 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 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
The Days on Market Showed 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 August 2024 was 27, up 12.5% from 24 days last month and up 3.8% from 26 days in August of last year.
The Sold/Original List Price Ratio was Falling**
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
The Average For Sale Price was Depreciating*
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 Neutral*
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 Neutral*
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
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% com
