Hey There, welcome to my monthly newsletter, I hope this brings you value! - Joel Oakland
Spokane Market Watch: Recent Numbers
Median Sales Price: $415,000 -.1%📉 Prices have been relatively sticky, down only a little from recent months.
Closed Sales: 409 Homes -.2%📉 Closed homes have come down slightly.
Median DOM: 29 Days +45% 📈 Houses sat for 9 days more compared to the previous month.
We often see a steady price in the winter with days on market increases as home buyers are a bit more relaxed. I suspect next month’s report will show similar trends, with days on market most likely reversing and things starting to slowly ramp up for the spring market.
Interest Rates Today
The Data:
Buyers:
If you’re considering buying a home in Spokane, now is a great time to stay strategic. Prices remain strong, but with increased inventory and homes spending more time on the market, sellers are often more flexible, offering opportunities to negotiate. Plus, lender credits and rate buy-downs can help you secure an interest rate closer to 6%, even as rates hover higher.
Sellers:
Spokane’s market remains strong with median home prices up 10.7% year-over-year and homes selling at nearly 99% of their list price. While inventory has grown slightly, demand is steady, and homes are still moving quickly compared to prior years. Pricing your home competitively and highlighting its value can help you attract serious buyers in this evolving market.
Renters:
Renting is expensive, and so is owning—but owning helps you build wealth, offers steady payments, and provides tax benefits. While higher rates might make waiting seem appealing, remember that when rates eventually drop, competition will likely surge, driving prices higher. This could make buying even more challenging in the future. Before signing or renewing your lease, let’s connect to explore whether renting or buying makes the most sense for you.
Local & National Housing News Videos
Video: What the Fed's First Meeting of the Year Means for You
Video: Reasons behind the persistence of high mortgage rates despite recent Federal Reserve rate cuts.
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This is my favorite tool for homeowners. Simply just enter your information, I will do a quick Comparative Market Analysis to get your value estimated. This tool then tracks your home value, your equity, shows estimated closing costs, rental insights, so much cool data! Check it out!
We are doing well and excited for the spring! Monroe is running around, smiling and laughing constantly. We feel very lucky. We are on the move and looking for our next real estate project. Thank you for reading and thank you for your support of me and my family.
P.S. we have extra calendars, let me know if you need one!
"Joel was incredibly helpful and kind throughout our home selling process. We really appreciated his transparency, willingness to provide and search for advice, and his flexibility in meeting the needs of our family. He was awesome and we would absolutely recommend him to anyone!"
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Joel Oakland Real Estate, 2607 S SE Blvd, Bldg A Suite 101, Spokane, WA 99223, 509-638-3373
