Housing Market Update: 2023 Spokane Home Shortage!!!

by Haydn Halsted

You must be curious about what's happening in the housing market, especially if you're planning to buy or sell a property in Spokane soon. With so many conflicting reports from the news and your friends, it's hard to know what to believe.

Inventory

Let's start by looking at the inventory for both retail and new construction properties. Currently, there are 752 active listings for single-family homes and condos in Spokane MLS. This number has increased from February, but overall, we've seen a dramatic drop in inventory in the last six months. Despite this, some people still believe there's a lot of inventory available, but compared to the last few years, this is not the case.

Closed Sales

To give you a better idea of the market's historical perspective, let's take a look at closed sales. In February, only 305 homes were sold, which is one of the lowest numbers in the past ten years. It's important to note that Spokane's market is incredibly cyclical, and we tend to see fewer home sales during the winter. However, if we look at the past year's quarters, we can see that Quarter One is generally the lowest point. In Quarter Three of 2022, the number of sales was 40% below the previous year, and Quarter Four was relatively the same as Quarter One. Based on this trend, we predict that the number of closed sales in Quarter One of 2023 will be one of the lowest in the past ten years.

New Listings

Now, let's talk about new listings. Unfortunately, historically, Quarter Four has the least number of homes listed every year. In 2022, there were even fewer properties listed than usual, which means that there will be fewer new properties available in Quarter Two and Quarter Three of this year.

In summary, the housing market in Spokane is currently experiencing a shortage of inventory. If you're planning to buy or sell a property, these market conditions will significantly affect you. But don't worry, we're here to help guide you through the process! Whether you're moving to Spokane or already living here, we can provide you with expert advice and assistance.