SPOKANE HOUSING MARKET
THE SPOKANE HOUSING MARKET IN
NOVEMBER, 2024
TRENDS
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National pending sales decreased in June (-2.6%)
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Mortgage rates dropped to the lowest they've been in a year without federal rate cuts
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Sales in Spokane increased by 2.4% YoY in July
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Home prices in Spokane dropped .9% from June to July
BUYING
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​Mortgage application rates soared in the first week of August pointing to the amount of buyers waiting in the sidelines for rates to drop
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It's still the best time to buy vs. any time in the past few years if you can afford it
SELLING
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Median home prices in Spokane dropped slightly to $417k
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Today's buyers are constrained by rates but they are still out there!
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Low inventory is on your side putting us in an artificial sellers market
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Median days on market crept up to 18 Dom
SPOKANE MARKET SUMMARY
Here's how I recommend responding.
If you're a buyer and you can afford it, dive in, pick up a property with a low purchase price, and wait to refinance. While you can ask for concessions, be cautious about asking for too much in terms of upfront credits on those most desirable homes in order to win the offer. People still value their homes, regardless of interest rates.
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If you're a seller who has to move, list at a sensible price and be prepared for 9-30 days on the market. But if you want top dollar watch these interest rates and wait for them to come down and prices in turn will rise. It might take 12 months but that's just the reality of where we're at.
