Spokane Real Estate Market Shows Signs of Cooling in June 2024

The Spokane real estate market experienced notable shifts in June 2024, indicating a potential cooling trend after years of robust growth. According to the latest market report, there was a significant increase in housing inventory, coupled with a slowdown in sales and longer average sale times. These changes suggest a market that may be transitioning towards more balanced conditions, offering both opportunities and challenges for buyers and sellers alike.

One of the most striking developments in June was the 9.1% increase in homes for sale compared to May 2024. This inventory boost was particularly pronounced in certain segments of the market, with 2-bedroom homes seeing a substantial 22.7% increase and 5+ bedroom homes up by 21.2%. The rise in available properties across various home sizes indicates a broadening of options for potential buyers, potentially easing some of the intense competition that has characterized the Spokane market in recent years.

Shifting Dynamics in Sales and Pricing

Despite the increase in inventory, the Spokane market witnessed a notable slowdown in sales activity. The total number of homes sold or pending in June 2024 dropped by 21.3% compared to the previous month, with only 311 properties changing hands. This decline in sales volume coincided with an increase in the average time homes spent on the market, which rose by 28% to 18 days. These figures suggest that buyers may be taking more time to make decisions in a market that offers more choices and potentially less pressure to act quickly.

Interestingly, the market showed a fairly even distribution in terms of sale prices relative to asking prices. While 37.1% of homes sold above asking price, 31% sold under asking, and 32% sold at the listed price. This balance indicates a market where neither buyers nor sellers have a clear upper hand, further supporting the notion of a transitioning market landscape.

Market Trends and Future Outlook

Despite the apparent cooling, the Spokane real estate market still demonstrates elements of strength and resilience. A remarkable 83% of homes sold within 30 days, indicating that well-priced properties in desirable locations continue to attract swift interest from buyers. However, the overall trends point towards a market that is leveling out after a period of significant growth, with slight decreases in home values accompanying the increased inventory.

As the Spokane real estate market navigates these changes, both buyers and sellers will need to adjust their strategies. Buyers may find more opportunities and less competition, but should still be prepared to act decisively on desirable properties. Sellers, on the other hand, may need to be more realistic in their pricing and patient in their expectations. As always, working with experienced real estate professionals who understand the nuances of the local market will be crucial for those looking to buy or sell in this evolving landscape.