Spokane Real Estate Update: What’s Next for 2024?

  The first half of 2024 in Spokane’s real estate market showed resilience, but the second half might tell a different story. Inventory is climbing, yet prices are holding steady. What does this mean for the future? Will we see downward pressure on prices soon? And how long will this current market last? Let’s dive in and find out what the rest of the year could bring.   Market Trends and Pricing As we look back on the year, it's clear that Spokane's real estate market is cyclical. Prices typically rise during the summer months and dip in the winter. This year has been no exception, with a nearly 10% difference in pricing between January and the peak summer months. If you're thinking of buying, waiting until winter might give you a better deal. Currently, the average sales price is $436,000, just slightly down from last month but still up half a percent from last year. Essentially, prices have remained stable year over year.   Sales Volume and Inventory While we've seen sales volume increase throughout the first half of the year, things have started to slow down during the summer. The month's supply of inventory has risen significantly, with some neighborhoods in Spokane even transitioning into a buyer's market. For instance, certain pockets of Spokane have six to eight months of inventory, especially in the $600,000 to $800,000 price range. This could present opportunities for buyers, particularly if you’re looking at homes where the sellers are already feeling the pressure of double mortgage payments.   Pricing Strategies for Sellers If you're a seller in today’s market, it's crucial to understand different pricing strategies. Whether you're aiming for aspirational pricing, market value, or even auction pricing, how you position your home can determine whether it sits on the market or sells quickly. Right now, many sellers are pricing too high, expecting 2020 prices, while buyers are acting like it’s 2008.   Buyer Opportunities and Challenges For buyers, there are deals to be had, especially in certain price ranges. Many buyers are holding out for the right deal, which can lead to multiple offers when a well-priced property hits the market. Additionally, if you’re trying to decide whether to buy or rent, keep in mind that the cost of homeownership has risen significantly, making renting a viable option for some.   Despite the market challenges, people are still buying homes in Spokane for various reasons. Whether it’s relocating for a new job, moving closer to family, or seeking a better quality of life, Spokane continues to attract new residents. The job market here is strong, with many newcomers finding in-person jobs rather than working remotely. Everyone's situation is unique, which is why I highly recommend scheduling a meeting with me to discuss your specific needs. Whether you're buying or selling, we can explore the best options for you in Spokane’s current market.

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Discover Spokane’s Changing Monroe District: A Neighborhood on the Rise

  The Monroe District is undergoing a transformation, blending 100-year-old homes with brand-new developments. With some major changes in the Monroe business district, this neighborhood is becoming more desirable by the day. Stick around as we walk through the area, explore some fantastic local businesses, and help you decide if this could be your next home.   Exploring the Monroe District First, let’s talk about the Monroe District’s location. This neighborhood spans from Northwest Boulevard to Kora, right before the steep hill that leads into the Garland District. It’s a vibrant mix of single-family homes, duplexes, triplexes, and fourplexes. Monroe has always been a hub of activity, but recent improvements to the streetscape, designed to make it more pedestrian-friendly, have attracted some amazing new businesses. These changes have set the stage for Monroe to become one of Spokane’s most exciting areas.   The Best of Monroe: Boutiques and Food Monroe is best known for its unique boutiques and excellent food. You can spend an entire day exploring secondhand stores like Marilyn Monroe’s Chic, Schwab, Thread, and Tossed and Found, hunting for treasures and trinkets. When it comes to food, Monroe has some incredible options. One of my personal favorites is Elliott’s An Urban Kitchen, a must-visit for brunch lovers. And here’s a pro tip: try the verde biscuits and gravy—they’re phenomenal! Monroe is also home to Zozo Sandwich Shop, Bellwether Brewing, and local fast-food favorites like Zips. From gourmet meals to quick bites, Monroe has something for everyone.   New Developments on the Horizon The Monroe District is welcoming some exciting new developments. Currently under construction is Kindred Public House, a sister restaurant to Cascadia Public House. This new spot will bring a pub and tap house vibe to the neighborhood, adding to Monroe’s growing list of dining options. Indaba Coffee has recently opened a beautiful new location on Monroe, further enhancing the area’s appeal. This is their fourth or fifth location around town, and it’s a fantastic spot to grab a coffee. But the real game-changer is Millennium on Monroe, a new apartment building that’s also bringing in more restaurants and retail spaces. Although the planned Ballard Pizza Company from Seattle backed out, there’s still space for a potential pizza spot, something the district desperately needs. Chef Chad White’s Uno Mas Taco Shop is also opening up in the Millennium complex, along with a new 5,000-square-foot food hall called The Depot. If this food hall lives up to expectations, it could become one of Spokane’s hottest dining destinations.   Housing in the Monroe District Housing in the Monroe District is just as diverse as the businesses. From charming single-family homes to larger apartment buildings like Millennium on Monroe, there’s something for everyone. Prices range from the high $200,000s to mid-$400,000s, making this an affordable and walkable neighborhood in Spokane. For those who love the idea of being close to local businesses, Monroe offers the perfect blend of convenience and community. And even if you’re just visiting Spokane, spending a few hours exploring the Monroe District is a must.   Monroe is one of Spokane’s longest stretches of purely local businesses, making it a true gem in our city. If you’re considering moving to Spokane or want to explore other neighborhoods, I’d love to help you find the perfect fit. Use the link below to schedule a meeting, or reach out anytime by call, text, or email.

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Spokane's Top 15 Secret Developments: What’s Coming Next?

Are you ready for the inside scoop on Spokane’s next big transformations? From a new Costco and TopGolf to revitalized shopping spaces and exciting mixed-use developments, Spokane is gearing up for some major changes. In this video, I'm revealing the top 15 secret projects that are about to reshape our city. Let’s dive right in!   Development 1: New Life for the Old Lowe's on N. Division Have you noticed the old Lowe’s store on N. Division? After sitting empty for a while, there's finally buzz about it being divided into three separate store spaces. While the original plan for a Floor & Decor didn't materialize, something new and exciting could be coming soon. Imagine the shopping possibilities in this revamped location!   Development 2: Premera Blue Cross Moving Forward in Kendall Yards The Premera Blue Cross office campus on E. Sprague is up for sale again, likely signaling progress on their new building in Kendall Yards. This will be a significant upgrade, enhancing the vibrant Kendall Yards community even further. Keep an eye on this one!   Development 3: A New Grocery Store on 3907 E. Sprague In the same area, a new 14,000-square-foot grocery store is planned for 3907 E. Sprague. The name is still under wraps, but more grocery options are always a welcome addition, boosting convenience for local residents.   Development 4: 40-Unit Apartment Building with Daycare in Northeast Spokane Northeast Spokane’s PDA is constructing a 40-unit apartment building that will include on-site daycare and office space for the PDA. This project is great news for families seeking more housing options and convenient daycare services.   Development 5: Major Mixed-Use Development in Kendall Yards Kendall Yards continues to expand with Greenstone planning the district's largest mid-rise mixed-use building. More residential and commercial spaces are on the way, making this trendy neighborhood even more appealing.   Development 6: Liberty Lake’s NoLL Development by Greenstone Greenstone is also working on a new mixed-use building in their NoLL development in Liberty Lake. Currently in the design phase, this project is highly anticipated and will further enhance Liberty Lake’s growing live-work-play environment.   Development 7: New Costco and TopGolf in Liberty Lake Big news for Liberty Lake – a new Costco and TopGolf are almost confirmed! Imagine the convenience of having a Costco nearby and the fun of TopGolf with friends and family. These additions will make Liberty Lake an even more desirable place to live.   Development 8: Warehouse and Hotel Coming to Liberty Lake Liberty Lake is also set to see a 65,000-square-foot warehouse and a potential 100-room hotel near Country Vista Blvd and Liberty Lake Rd. This development will boost local business and provide new lodging options, enhancing the area’s economy. Development 9: Barker Gourmet Hub in Spokane Valley Spokane Valley is getting a new food truck court called the 'Barker Gourmet Hub' along Barker Rd., south of I-90. This spot is set to become a popular destination for foodies, offering a variety of delicious options.   Development 10: Take 5 Oil Change and Coffee Shop on E. Sprague A new Take 5 Oil Change and coffee shop combo is likely coming to 4603 E. Sprague. While the coffee shop's name is still a mystery, this combo is sure to be a hit – quick oil changes and a caffeine fix, all in one place!   Development 11: 5-Story Apartment Building Near WSU Spokane Near the WSU Spokane campus, a new 5-story, 63-unit apartment building is planned at 643 N. Riverpoint Blvd. Construction might start next year, adding much-needed housing options for students and professionals close to campus.   Development 12: The Falls Condo Building Near Spokane Arena The Falls, a long-awaited 12-story condo building, is finally set to break ground within the next month along Lincoln, south of the Spokane Arena. This project will add luxurious condo living and a new landmark to Spokane’s skyline.   Development 13: Depot at Millenium Monroe Food Hall On N. Monroe St., The Depot at Millenium Monroe is in the works as a 5,000-square-foot food hall with spaces for multiple vendors. It’s going to be a fantastic place to enjoy a variety of foods under one roof.   Development 14: Uno Mas Taco Shop Coming to Millenium Monroe Millenium Monroe will also welcome Uno Mas Taco Shop. Get ready for some mouthwatering tacos, Spokane!   Development 15: Adams Tractor Dealership on the West Plains Lastly, Adams Tractor is considering a new $6 million dealership at 8217 W. US 2 on the West Plains. This will be a significant upgrade, providing more services and options to the area.   Spokane is on the brink of some exciting transformations! Which development are you most excited about? Let me know in the comments. If you’re thinking about moving, buying, or selling in Spokane, let’s chat!

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