New Listings in Spokane

As of September 3, 2024, Spokane has several prominent new listings that highlight the diverse offerings in the local real estate market. The listed properties include:

Featured Properties

1808 W Summit Pkwy, Spokane, WA 99201: Priced at $725,000, this home features 5 bedrooms, 3 bathrooms, and spans 3,302 square feet on a 0.28-acre lot. This property has been on the market for just 22 hours.

310 W 33rd Ave, Spokane, WA 99203: Listed at $465,000, this spacious 3-bedroom, 3-bathroom home covers 4,356 square feet and has been available for 18 hours.

3424 W 2nd Ave, Spokane, WA 99224: This property is listed for $649,900 and includes 3 bedrooms, 2 bathrooms over 3,881 square feet, situated on a 0.31-acre lot. It has been on the market for 27 hours.

Current Market Trends and Data

Market Activity

The Spokane real estate market has experienced a significant increase in inventory. As of July 2024, there were 1,493 homes for sale, marking an 8.6% rise from the previous month. Despite this uptick in available properties, home sales have slightly decreased.

Pricing and Sales

The median sold price in Spokane as of July 2024 stands at $398,784, with an average price per square foot at $204. Additionally, home sales in July totalled 309, reflecting a 10.7% decrease from June 2024. The average home spent 22 days on the market in July, which is an increase of 37.8% compared to the previous year.

Interestingly, despite fewer sales, the competitive nature of the market is evident, with 36.6% of homes sold above their asking price in July. This suggests that while fewer homes are selling, those that do are often selling quickly and above list price.

Inventory and Market Conditions

Examining the inventory breakdown by bedrooms reveals an increase in the availability of homes with 1 bedroom (26.9%), 3 bedrooms (6.7%), 4 bedrooms (13.4%), and homes with 5 or more bedrooms (14.8%). However, there was a decrease of 8.3% in the inventory of 2-bedroom homes.

The broader US housing market, including Spokane, is experiencing a downturn characterized by declining sales, prices, and listings, along with higher inventory levels. This environment has led both buyers and sellers to act cautiously.

Even amidst these downturns, Spokane’s market shows signs of resilience. With 513 closed sales in July and a median closed price of $417,075, the market remains active. New listings continue to emerge regularly, maintaining the interest of active buyers and providing opportunities for those looking to invest in Spokane real estate.

For more detailed information about current listings and market trends in Spokane, visit forsalespokane.com.