Spokane Housing Market Update: June 2022
JUNE MARKET UPDATE: What’s really happening in the market?
Average Sales Price
Home appreciation hit an all-time high the past 2 years and as inventory is starting to increase, we’re seeing less outrageous bidding wars that artificially rose our median sales price. As the market is shifting, homes are continuing to appreciate at a slower rate and sellers are no longer able to price their homes way above market value, so the average sale price is adjusting back to fair market values.
In 2021 we hit a record low for housing inventory across the nation. As inventory is increasing, the market is shifting to show more favor to buyers and supply & demand will start to normalize. More inventory = less competition.
List Price Received
Due to the extreme bidding wars that were happening during the period of low inventory + low-interest rates, sellers were receiving offers well above the asking price. As interest rates are increasing along with inventory, sellers can no longer expect 10+ offers all over the list price.
Average Days On Market
Days on the market are increasing! More homes are lasting on the market longer than one weekend (shocking, I know!). Homes that are overpriced may sit longer. Pricing appropriately is KEY for sellers right now.
Are you surprised by any of this? Comment below or shoot us an email at [email protected]