Spokane Real Estate Market Shows Signs of Transition in June 2024

The Spokane real estate market experienced significant shifts in June 2024, with notable increases in home inventory and changes in sales patterns. According to recent data, the number of homes for sale in Spokane rose to 1,480 in June, marking a 9.1% increase from the previous month. This surge in inventory suggests a potential transition in the market dynamics, offering more options for prospective buyers.

A closer look at the inventory breakdown reveals interesting trends across different property types. The availability of 2-bedroom homes saw a substantial increase of 22.7%, while 5+ bedroom homes experienced a 21.2% rise. Interestingly, the inventory of 1-bedroom homes remained stable, indicating varied demand across different housing segments. These changes in inventory composition could impact buyer preferences and market competition in the coming months.

Despite the increase in available homes, the number of properties sold in June 2024 decreased by 21.3% compared to the previous month, with only 311 homes changing hands. This contrast between rising inventory and declining sales suggests a potential shift in market balance, possibly indicating a move towards a more buyer-friendly environment.

Pricing and Mortgage Rates: A Mixed Picture

As of June 2024, the median sold price for homes in Spokane stands at $395,243, with an average price per square foot of $202. These figures indicate a relatively stable pricing environment, despite the changes in inventory and sales volume. The consistency in prices suggests that demand remains robust in the Spokane market, even as more properties become available.

Adding to the market’s complexity, mortgage rates have shown a slight downward trend. As of August 2, 2024, the average rate for a 30-year fixed mortgage dropped to 6.77%, down from 6.85% the previous week. Similarly, the 15-year fixed mortgage rate decreased to 6.21% from 6.27%. These rate reductions, influenced by broader economic factors and Federal Reserve actions, could potentially stimulate buyer interest and activity in the coming months.

Market Outlook and Buyer Behavior

Despite some forecasts predicting a decline, Spokane’s housing prices have remained steady throughout 2024. The average home value sits at $397,068, reflecting a modest 1.6% increase over the past year. This stability in pricing, coupled with the increased inventory, suggests that the Spokane market is moving towards a more balanced state, potentially offering opportunities for both buyers and sellers.

Interestingly, homes in Spokane continue to sell quickly, with properties going pending in an average of just 7 days. This rapid turnover indicates that buyer demand remains strong, even as the market shows signs of transition. The combination of steady prices, increased inventory, and quick sales presents a unique landscape for real estate transactions in Spokane, requiring both buyers and sellers to stay informed and agile in their decision-making processes.