08/12/2022
SPOKANE MARKET STATS:
Here’s a little insight into our local real estate market✨
- average sale price in the Spokane area is now $496,587. This is actually ~$17,000 lower than last month! This doesn’t mean home values are falling, this number is reflecting the higher number of price reductions we’ve been seeing as sellers are starting to realize you cannot shoot for the moon and price over market value when listing your home.
- days on market (median number of days between when a home is listed and when it goes under contract) was 11 last month! That is up from 5 in July of 2021. We are definitely seeing less of a frenzy for homes and more time for buyers to make decisions and weigh their options before jumping right into a home purchase.
- price/sqft: $217! This is down 4.8% from June of 2022.
- % of list price received: 101%. This number is actually down from 103% last month which means offers are getting accepted much closer to asking price than they have been in the past couple of years!
Overall, the market in Spokane is continuing to trend to a more buyer friendly environment! Yay good news for those of you who have been waiting out the craziness of the last couple years 🙌🏼
If you have any questions about the market or buying/selling in general, don’t hesitate to reach out 💌
