Here is a snapshot of the homes for sale, pending, and sold in Spokane. Using this graph, you can compare the most recent month's trends with that same month from one year ago. Comparing our market this year vs. last year gives you some sense of the health of our market, but remember, there are always hidden factors and trends that might be influencing these stats. For a more complete picture of our market, or how your home might be influenced by our local trends, please give us a call.
This graphs show the average days on market, which means the number of days from the date a property is listed, until the property goes Pending. It's good to note there are usually anywhere from a couple weeks to a couple months between the date a property goes Pending to the date the sale actually closes. The graphs also show the average difference between the listing price and the selling price of a property as a percentage of list price. So if the average is 98%, if a home is listed at $100,000 it will on average sell at $98,000.
This graph shows both the average price of the homes for sale in Spokane in any given month, and the average price sold in any given month and the relationship between the two.
This graph shows how much of the current active listings (as a percentage) are being absorbed (or sold) each month. For instance, if there are 1,000 active listings and 400 of them sold in a given month, the rate of absorption would be 40%. 40% of the market is being sold in that given month.
This graph shows how many months supply of inventory we have in Spokane based on pended homes. In other words, if no new listings were taken, how many months it would take until all properties were pending or sold. 0-3 months of inventory will favor sellers, 3-6 months of inventory is neutral and generally considered healthy, and 6+ months of inventory will favor buyers.