Are Home Prices Finally Coming Down in Spokane?

  The question on everyone's mind in Spokane, Washington, is whether home prices are finally coming down. Let's dive into the latest data to uncover the trends and what they mean for buyers and sellers.   The Current Market Landscape The latest figures show a slight decline in home prices. From April to May, the median home price dipped from $435,275 to $435,000—a 0.1% decrease. However, when comparing year-over-year, prices have actually risen by 2%, despite higher interest rates over the past year. This indicates that while there's been a minor month-over-month decrease, the overall trend still leans towards gradual appreciation.   Market Predictions Predicting future trends in the real estate market is always challenging. If interest rates drop slightly, even to around 6.9%, we might see an uptick in market activity and potentially higher prices. However, if rates hover around the higher range of 7.3% to 7.5%, the peak we've seen in May might hold for the rest of the year, mirroring last year's pattern. Economists' forecasts have shifted, with less optimism about significant interest rate reductions in the near term. Initially, a drop to mid-5% was anticipated by the end of 2023, but now it appears we may not see those levels until 2026 or 2027.   Factors Influencing the Market One notable factor affecting the Spokane market is the surge in new listings. May saw over 1,200 new listings, a 28% increase from last year and a 15% rise from the previous month. This influx has slowed the market slightly, leading to higher active inventory. As of May, there were 1,400 active listings, up 44% from last year.   Inventory and Market Conditions Breaking down the data by price distribution reveals interesting trends. The most inventory is found in the $400,000 to $500,000 range, aligning with Spokane's average price point. However, the number of homes listed and sold in different price ranges shows a diverse market landscape: Under $200,000 and above $1 million: Limited inventory and fewer transactions. $300,000 to $500,000: High concentration of both listings and sales. Above $500,000: Significant inventory increases, particularly in higher price ranges, indicating a shift towards a buyer's market in these segments.   Months of Inventory by Area The months' supply of inventory is a crucial metric for understanding market dynamics. Overall, Spokane has 2.3 months of inventory, still within the seller's market range but edging towards balance. Here's a breakdown by area: Spokane Valley: Below $500,000, inventory remains low, but above this threshold, it quickly transitions to a buyer's market. For example, between $600,000 and $750,000, there's an 11.5-month supply. Green Acres: Shows similar trends with more inventory above $500,000. City of Spokane: Generally a seller's market, but above $750,000, it moves towards a balanced or buyer's market. Notably, there's a 24-month supply for homes above $1.5 million. Liberty Lake: Mostly a seller's market below $750,000. Mead: Interesting trends with a significant inventory at the $500,000 to $600,000 range, suggesting competitive conditions for sellers in this segment.   Impact of Distressed Listings Despite some speculation, distressed properties (foreclosures, short sales) remain scarce in Spokane, making up only 0.2% of listings. This low percentage indicates that buyers looking for significant bargains may need to connect with wholesalers or seek off-market deals, typically requiring cash or hard money loans. The Spokane real estate market presents a mixed picture. While some segments are shifting towards a buyer's market, others remain competitive for sellers. Understanding the specific dynamics of your desired price range and area is crucial for making informed decisions. Whether you're buying or selling, staying informed about these trends will help you navigate the market effectively. If you found this analysis helpful and want to discuss your real estate needs further, feel free to reach out. Whether you're moving in, out, or within Spokane, I'm here to help guide you through the process.

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Discover Creativity at the 33 Artists Market at The Wonder Building

Join us on June 15th for a delightful day at the 33 Artists Market, a monthly celebration of art, community, and creativity held on the third Saturday of each month in 2024 at the historic Wonder Building. This family-friendly event brings together a diverse group of artists from various stages of their careers, offering a unique opportunity to explore and purchase beautiful, handcrafted works of art.   Event Details Date: June 15th Time: 11:00 AM - 5:00 PM Location: The Wonder Building, 835 N. Post St., Spokane, WA 99201 Admission: Free Highlights: Bouquets for sale by Sullivan Family Farms DJ set by Darrien Mack of @rosethrow Featuring 33 different artists with one-of-a-kind original artwork   A Celebration of Art and Community The 33 Artists Market is more than just an art show; it's a vibrant community event that celebrates the creativity and talent of artists from Spokane and the surrounding Pacific Northwest region. This carefully curated market brings together artists from all stages of their careers, from established professionals to emerging talents, creating a welcoming space for everyone to connect, share, and celebrate art. At the market, you'll find a stunning array of handcrafted items, including jewelry, original paintings, printmaking, clothing, ceramics, stained glass, and more. It's the perfect place to find unique, one-of-a-kind pieces that you won't see anywhere else. Whether you're an art enthusiast, a casual shopper, or someone looking for a special gift, there's something for everyone at the 33 Artists Market. Experience the Wonder Building Located in the historic Wonder Bread Bakery, The Wonder Building is home to the Wonder Market®, an artisan food hall highlighting unique regional chefs and coffee roasters. This venue adds a rich historical and cultural backdrop to the event, making it a perfect spot to explore and enjoy a day out in Spokane. Take the opportunity to meet the talented artists behind the creations, learn about their processes, and perhaps even find inspiration for your own artistic endeavors. The lively atmosphere, combined with the fantastic food and coffee options, ensures a memorable experience for all visitors.   Supporting Local Art By attending the 33 Artists Market, you're not only enjoying a day filled with art and community but also supporting local artists and the vibrant Spokane art scene. This event is all about creating connections, fostering a sense of community, and celebrating the incredible talent that exists in our region. Join Us at the 33 Artists Market Don't miss out on this wonderful opportunity to immerse yourself in the local art scene. Bring your family and friends, explore the unique offerings, and enjoy the lively ambiance of The Wonder Building. With free admission, it's an accessible and enjoyable outing for everyone.

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Experience the Magic at the World Ballet Festival

Join us on June 15th at 7 PM for an enchanting evening at the World Ballet Festival, where the beauty and grace of world-class ballet come to Spokane. This festival is dedicated to making the magic of ballet accessible to all, particularly in regions that have traditionally been overlooked in the world of dance.   Event Details Date: June 15th Time: 7:00 PM Location: First Interstate Center for the Arts, 334 W Spokane Falls Blvd, Spokane, WA 99201 Admission: $47 - $91 Contact: (509) 279-7007 A Celebration of Artistic Brilliance The World Ballet Festival is more than just a performance; it’s a celebration of artistic brilliance and a testament to the transformative power of ballet. Presented by the World Ballet Company, the largest ballet touring company in the US, this festival aims to bridge the gap between world-class excellence and local communities. By bringing top-tier ballet performances to cities across the nation, the festival seeks to foster a love for the art form and redefine the landscape of ballet in our country.   Transforming Cities into Stages Imagine your city as a stage for some of the most breathtaking ballet performances. The World Ballet Festival strives to make this vision a reality, transforming every venue into a place where artistic dreams come to life. Whether you are a long-time ballet enthusiast or new to the art form, this festival promises to deliver an unforgettable experience. The evening will showcase a variety of performances that highlight the technical skill, emotional depth, and sheer beauty of ballet. From classical masterpieces to contemporary works, the World Ballet Festival offers something for everyone.   Join Us for an Unforgettable Evening Don’t miss this opportunity to witness world-class ballet in Spokane. The First Interstate Center for the Arts will serve as the perfect backdrop for an evening filled with elegance and inspiration. Secure your tickets now, ranging from $47 to $91, and be part of a night that celebrates the universal language of dance. For more information or to purchase tickets, call (509) 279-7007. Let’s come together to celebrate the art of ballet and make this an evening to remember. We look forward to seeing you there!

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