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As we step into the spring of 2024, the Spokane housing market presents a blend of challenges and opportunities that mirror the complexity of today’s real estate dynamics. This analysis delves into the key statistics for March 2024, offering a clear snapshot of where the market stands and what potential buyers and sellers can expect. Understanding these trends is crucial for making informed decisions in this vibrant real estate environment. Detailed Analysis of Spokane Housing Market in March 2024 1. Median Sales Price In March 2024, the median sales price for homes in Spokane reached $420,345, marking a 5.1% increase from a previous benchmark period. This upward trend in prices is a strong indicator of a growing demand for homes in the area, or possibly a decrease in available supply that has pushed prices upward. For buyers, this means entering a competitive market where prices are steadily climbing, making it crucial to make timely decisions. On the other hand, sellers are likely to find favorable conditions for fetching higher prices for their properties. 2. Active Inventory The active inventory stood at 751 listings at the end of March, which is up by 18.8% from before. This increase in inventory suggests that more options are becoming available to buyers, potentially easing the intense competition seen in recent times. For sellers, the rise in listings might mean that they need to price their homes competitively or consider adding more value to their offerings to attract attention in a market that is getting more stocked. 3. Median Days on Market The median number of days homes stayed on the market before being sold increased to 9 days, up by 28.6%. While homes are still selling relatively quickly, the increase indicates a slight cooling off from previous periods where listings might have moved faster. This could be due to buyers taking more time to make purchasing decisions, reflecting a market that is becoming less frenzied and more deliberate. 4. Closed Sales There was a slight decrease in the number of closed sales, with 476 transactions completed, down 3.6%. This dip could be an indicator of several factors including potential buyers being put off by higher prices or a general economic slowdown impacting buyer enthusiasm. However, it’s important to note that the market remains active, albeit with slightly less vigor compared to previous months. 5. New Listings New listings saw a decrease to 665, a drop of 4.2%. This reduction in new listings could potentially lead to tighter competition among available properties if the trend continues. It suggests that while the market remains lively, the influx of new options is not keeping pace with demand, possibly maintaining upward pressure on prices. 6. Months Supply of Inventory Finally, the months supply of inventory was at 1.6 months, up 23.3%. Despite the increase, this number still points to a seller's market, where there are fewer homes available than buyers who want them. However, the rise does indicate a move towards a more balanced market, which could help in moderating price increases and competition levels in the near future. In summary, the Spokane housing market in March 2024 shows signs of robust activity with strong pricing trends. However, the increases in inventory and days on market, coupled with a dip in new listings and closed sales, suggest potential shifts towards a more balanced market ahead. Buyers might soon experience slightly less competition, though the market still largely favors sellers. Both buyers and sellers should keep a close watch on these trends to better strategize their moves in this dynamic market landscape. Next Steps: Contact Nick Briggs If you're considering buying or selling a home in Spokane and need guidance through these interesting times, reaching out to a knowledgeable realtor can make all the difference. Nick Briggs is a trusted name in Spokane real estate, renowned for his expertise and commitment to helping clients navigate the market with confidence. Whether you're looking to buy your dream home or sell for the best price, Nick can provide the insights and assistance you need. Contact Nick Briggs today to set up a consultation and start your real estate journey with a seasoned professional at your side. FAQs: Spokane Housing Market Insights What does a median sales price increase indicate? An increase in the median sales price generally indicates higher demand or reduced supply, suggesting a competitive market for buyers. Is a higher inventory beneficial for buyers? Yes, a higher inventory level typically means more choices for buyers, potentially leading to better pricing negotiations. What does an increase in median days on market signify? This suggests that properties are taking slightly longer to sell, possibly due to buyers being more cautious, leading to a less frenetic market. Why are closed sales decreasing? A decrease in closed sales could indicate a cooling in market activity, possibly due to higher prices or economic factors impacting buyer interest. How does a decrease in new listings affect the market? Fewer new listings can lead to a tighter market with more competition among buyers, potentially keeping prices high. What is considered a seller’s market? A market is typically considered a seller’s market when there are more buyers than available homes, which is usually indicated by a months supply of inventory under 5 months. What does the months supply of inventory tell us? It estimates how long it would take to sell all current listings at the current sales pace without new inventory being added; a lower number usually favors sellers. How can a balanced market benefit both buyers and sellers? In a balanced market, neither buyers nor sellers have a distinct advantage, leading to fair pricing and more time for decision-making. Should I buy/sell now or wait until the market changes? This depends on personal circumstances, but consulting with a realtor like Nick Briggs can provide tailored advice based on current market conditions. How can I get the best deal in the current market? Engage a knowledgeable realtor, stay informed about market trends, and be prepared to act quickly when the right opportunity arises. Additional Resources To further assist you in understanding the Spokane housing market or preparing for buying or selling your home, here are some useful links to related resources: Spokane Association of Realtors Zillow Research Realtor.com Market Trends National Association of Realtors

Are you ready to settle down in the vibrant city of Spokane? Buying a house can be a daunting process, but with the right guidance, you can navigate the steps smoothly. This comprehensive guide covers everything from pre-approval to closing day, ensuring your journey to homeownership is successful. 1. Pre-Approval The first step in buying a house in Spokane is getting pre-approved for a mortgage. This involves meeting with a lender to discuss your finances, credit score, income, and other details. The lender will assess your financial health and provide a pre-approval letter, outlining the amount you can borrow. This letter shows sellers you are a serious buyer and gives you a clear budget for your home search. 2. Initial Consultation with Your Realtor (Nick Briggs) Next, meet with Nick Briggs to discuss your needs and wants. This includes your budget, preferred neighborhoods, home size, amenities, and style. Nick will use this information to create a tailored search strategy, introducing you to properties that fit your criteria. Along with setting up a search, Nick will also help you understand the process and what to expect from him. 3. House Hunting With your Nick's help, begin your house-hunting journey. Spokane offers diverse neighborhoods, from bustling downtown to tranquil suburban areas. Visit open houses, schedule viewings, and explore different listings. Take notes on the properties you visit, focusing on factors like location, condition, and amenities. 4. Writing an Offer Once you find a house that meets your needs, Nick will help you write an offer. This document includes the proposed purchase price, contingencies (such as inspection and financing), and the closing date. The seller can accept, reject, or counter your offer. Negotiations might ensue until both parties agree. 5. Deliver Earnest Money After the seller accepts your offer, you'll need to provide earnest money – a deposit that shows your commitment to buying the house, usually 1% of the purchase price. This money is held in escrow until closing, serving as a good-faith gesture and reducing the likelihood of either party backing out. 6. Review Information While the transaction moves forward, you must review all information related to the property. This includes the seller's disclosures, property history, and any inspection reports. Ensuring you fully understand the house's condition and potential issues will prevent unpleasant surprises later. 7. Work with Lender and Escrow At this stage, work closely with your lender and escrow company to handle the financial aspects of the transaction. The lender will process your mortgage application, and the escrow company will oversee the transfer of funds and legal documents. This step ensures a smooth transaction process. 8. Secure Homeowners Insurance Before closing, secure homeowners insurance for your new property. This protects your investment against potential losses from damage. Many lenders require insurance as a condition of the mortgage, so shop around for coverage that fits your needs and budget. 9. Inspection An inspection is a crucial step in the home-buying process. Hire a qualified inspector to thoroughly examine the property, checking for structural, electrical, and plumbing issues, as well as other potential concerns. The inspector's report will guide you on any necessary repairs or negotiations with the seller. 10. Appraisal Your lender will order an appraisal to determine the property's value. This ensures the house is worth the amount you're borrowing and protects both you and the lender. If the appraisal comes in lower than expected, negotiations may need to occur to adjust the purchase price or find other solutions. 11. Final Walkthrough Before closing, conduct a final walkthrough of the property to ensure it is in the agreed-upon condition. Check that all requested repairs have been made, and verify that nothing has changed since your last visit. This is your last chance to raise concerns before signing the final paperwork. 12. Signing Day Signing day is when you finalize the transaction by signing all necessary documents. This includes the mortgage agreement, transfer deeds, and other legal paperwork. Your escrow company or attorney will guide you through this process, ensuring everything is in order. 13. Closing Day After signing, the transaction is finalized on closing day. The escrow company releases the funds to the seller, and you receive the keys to your new home. Congratulations – you are now a homeowner! 14. Moving Day The final step in your home-buying journey is moving day. Arrange for movers or gather friends and family to help. Carefully unpack, settle in, and make your new Spokane house a home. Buying a house in Spokane is an exciting journey that can be navigated smoothly with the right steps. By securing pre-approval, working closely with a trusted Realtor, and diligently following each phase, you can ensure a successful transition to homeownership. Spokane offers diverse neighborhoods and housing options, making it an excellent place to set down roots. Remember, Nick Briggs will be there through every step of the way, guiding you and ensuring the process goes as smoothly as possible. If you want to meet with Nick to see if he may be a good fit for you, click 'Contact Me' to fill out the form and Nick will give you a call! Contact Me Further Resources to Buy a House in Spokane: Spokane Real Estate Market Trends Washington State Housing Finance Commission Spokane Neighborhoods Spokane Homebuyer Education