The Spokane WA statistics are out for Dec. 2022 and they tell a vivid story.
For the first time in a few years, prices are lower in Dec. 2022 than they were in Dec. 2021. The over escalation of home prices in popular areas, like Spokane is settling into a more normal range. The increased interest rates are creating this ripple effect.
Homes just last Spring were often on the market for just hours, and average days on market is now 31 days.
Higher priced homes are taking considerably longer to sell, as the buyer pool is much smaller.
127% more homes on the market in Dec. 2022 vs. 2021. This is good news for buyers, they have more choices. When the market was clipping along at lightening speed in 2020-21, many buyers regretted their choice of homes, and many bought remotely.
The fact that there were only HALF of the closings in Dec. 2022 vs. one year prior speaks loudly.
Overall, I personally had a fantastic year in 2022 real estate, and I tend not to let current market conditions rattle my cages.
The Spokane, WA real estate market is still very healthy, and people are still relocating here from other parts of the country.
If you have any questions about Spokane real estate, I would love to chat! #bethanninspokane #spokanerealestatemarket #spokanewashington #housingmarketupdates #spokanerealtor #spokaneremaxagent #crsagent
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