Spokane Rooter
As we step into May 2024, the Spokane housing market is revealing significant shifts that merit attention from potential buyers, sellers, and real estate investors alike. This month has experienced a notable increase in sales activity, with over 821 homes sold, up 123 sales compared to April. The net closed volume surged by over $58 million, marking over $40 million increase from May
2023. Moreover, rising inventory levels—293 more listings than the previous month—indicate a potential shift from a seller’s market towards a more balanced environment. Let’s dive deeper into the current trends shaping Spokane’s housing landscape and explore what this means for the future.
Key Takeaways
- Spokane housing market sales surged in May 2024, with 821 homes sold, reflecting a significant increase in activity.
- Inventory levels have risen notably, suggesting a shift from a seller’s market towards a more balanced environment for buyers.
- Median sale prices have slightly increased, despite a year-over-year decline in average home values, indicating market stabilization.
Current Market Trends: Sales and Inventory Analysis
In May 2024, the Spokane housing market painted a dynamic picture, highlighting notable shifts in sales activity and inventory levels that could signal a transition from the recent seller’s market to a more balanced environment. With a remarkable net closed volume surpassing $58 million and 821 homes sold—a significant jump of 123 houses from the previous month—this surge in sales activity suggests that buyers are entering the market with renewed enthusiasm. Year-over-year comparisons reinforce this positive trend, revealing a $40 million increase in net closed volume compared to May 2023, along with 34 additional homes sold. Alongside rising sales, inventory has also shown promising signs of growth, with listings up by 293 homes compared to April 2024 and by 284 homes year-over-year. This climb in inventory may provide buyers with increased negotiating power as competition eases. Notably, while specific metrics regarding median days to pending are currently unavailable, the overall uptick in both sales and listings hints at an accelerated market pace. Furthermore, despite a slight rise in median sale prices observed through platforms like Zillow and Redfin, average home values in Spokane County have reportedly declined year-over-year for the first time in over a decade. This decline, following a peak in May 2022, has led to a stabilization throughout 2023 and 2024, although forecasts indicate a modest price correction of approximately
0.8% by August 2024 and
0.9% by May
2025. Experts are cautious, suggesting that drastic fluctuations in the Spokane real estate market are unlikely in the near future, primarily due to rising interest rates that could suppress buyer demand. Overall, the market’s current trajectory points towards a more balanced state, posing both opportunities and challenges for potential buyers and sellers alike.
Future Projections and Buyer Impact
In the evolving landscape of the Spokane housing market, the implications for potential buyers are becoming increasingly promising. The recent uptick in inventory, with additional homes on the market, suggests that buyers may face less competition than in months past. This shift allows for greater negotiating power, enabling buyers to make offers that better align with their budget and conditions. Moreover, while median sale prices have seen a slight increase, the overall market correction suggests a more stable environment, rather than one characterized by excessive volatility. With the potential for minor price adjustments in the near future, buyers are encouraged to approach the market with careful consideration and capitalize on the changing dynamics. As interest rates continue to rise, this could lead to a more calculated and strategic purchasing environment, highlighting the importance of staying informed about ongoing trends and forecasts.
