Spokane Rooter
Home sales in Spokane experienced a significant downturn in June, with the total number of homes sold hitting 532, a sharp 15% decrease from the same month last year. This decline signifies an ongoing shift in the real estate landscape of Spokane, which is currently influenced by various economic factors. As buyers and sellers navigate this changing market, understanding the trends and implications of these changes is crucial for making informed decisions. In this article, we will explore the current trends in Spokane home sales, the rising inventory levels, and what they mean for both buyers and sellers as we move through
2023.
Key Takeaways
- Spokane home sales dropped nearly 15% in June, signaling a cooling market after rapid price increases.
- Inventory levels are rising, providing more options for buyers despite declining sales.
- The market is adjusting to higher mortgage rates and inflation, which are impacting affordability for potential homeowners.
Current Trends in Spokane Home Sales
As we dive into the current trends in Spokane home sales, it’s clear that the local real estate market is undergoing significant changes. In June, a total of 532 homes were sold, reflecting a striking 15% decrease from the same month last year and a 6% decline compared to May. This downward trend resonates with the broader shift in the market dynamics that have characterized recent months—down from 624 sales in June 2022 and 565 in May
2023. However, amid this decrease in sales, the inventory of available homes has seen a notable increase, indicating a shift towards a more balanced market. With local Realtor Marianne Bornhoft weighing in, the current wave of moderation in market activity appears to be a healthy recalibration after the intense price hikes and limited supply experienced during the pandemic. Contributing factors include rising mortgage rates and inflation, which are challenging affordability for potential buyers. Year-to-date statistics show 2,700 homes sold, marking only a minor decline of
1.4% from the same period last year, thanks in part to spikes in sales during February and April. Additionally, the median home price has edged upward by
1.5%, reaching $415,000. The inventory levels of homes for sale have surged by over 30%, culminating in about 1,260 homes listed at the end of June, translating to a
2.4-month supply—up from a mere
1.5 months a year prior, yet still falling short of the 5-6 months that denote a balanced market. All these insights paint a picture of a transformative period in Spokane’s real estate landscape, one that buyers, sellers, and investors should navigate carefully.
Implications for Buyers and Sellers in the New Market Cycle
As Spokane’s housing market enters this new cycle, both buyers and sellers need to adapt their strategies to navigate the shifting landscape effectively. For buyers, the increased inventory of homes signifies more options, which is beneficial in establishing competitive prices. Rising mortgage rates may pose challenges for affordability, but the availability of over 1,260 homes for sale provides room for negotiation, allowing buyers to potentially secure better deals without the intense bidding wars seen in previous years. On the flip side, sellers must re-evaluate their pricing strategies in light of the moderated demand. With a
1.5% increase in median home prices, it becomes crucial for sellers to set realistic expectations based on current market conditions. Understanding local trends and leveraging the current supply influx can make the selling process smoother. In conclusion, while Spokane’s market may be experiencing fluctuations, it also offers opportunities for savvy buyers and sellers to thrive.
