Is 2024 the Last Stand for $300,000 Homes in Spokane?

  As we step into 2024, the real estate landscape in Spokane, Washington, is undergoing significant shifts. The average home prices are on a relentless climb, pushing closer to the $400,000 mark. But what does this mean for prospective buyers and sellers, especially those eyeing the elusive $300,000 price point? Let's delve into the numbers and trends shaping the housing market in Spokane.   Rising Average Prices: The year 2024 might be remembered as the turning point where $300,000 homes become increasingly scarce. Despite fluctuations in market conditions and interest rates, the average home price in Spokane continues its upward trajectory. Starting the year just shy of $400,000, the trend indicates a steady climb, with predictions suggesting a median price surpassing $415,000 by January 2025. Market Dynamics: The early months of 2024 have already shown signs of frenzied activity. Multiple offer situations are becoming commonplace, even in what is traditionally considered a slower period for real estate transactions. Surprisingly, despite expectations of lower interest rates, rates have seen an unexpected increase, hovering above 7%. Inventory and Absorption Rates: One key indicator of market health is the inventory-to-sales ratio. Currently, Spokane maintains a relatively low inventory with a 2.7-month supply, indicating a seller's market. However, this balance between supply and demand ensures that competitively priced, well-maintained homes receive multiple offers, while properties lacking these qualities may linger on the market. Future Outlook: The real estate landscape in Spokane is at a critical juncture. While some speculate that increased listings could lead to a balancing of supply and demand, others argue that heightened buyer interest will maintain upward pressure on prices. The possibility of $300,000 homes becoming a rarity looms large, prompting buyers and sellers to act strategically. Advice for Buyers and Sellers: For buyers, the window of opportunity to secure a median-priced home below $400,000 may be closing. However, this doesn't necessarily mean that purchasing a home is unattainable. With careful planning, realistic expectations, and the guidance of a knowledgeable real estate expert, buyers can still navigate the market effectively. Sellers, on the other hand, find themselves in an advantageous position. With prices nearing previous peaks and demand remaining robust, now may be an opportune moment to list a property. However, pricing competitively and ensuring the home stands out in terms of condition and presentation are vital for maximizing returns. Conclusion: As we traverse the dynamic terrain of the Spokane housing market in 2024, one thing is clear: change is on the horizon. Whether $300,000 homes will become relics of the past or persist as a niche segment remains to be seen. Regardless, staying informed, seeking expert guidance, and making well-informed decisions will be paramount for all parties involved in the real estate journey.  

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Exploring Spokane's Downriver Neighborhood

  Welcome to the Audubon neighborhood, nestled in the heart of Spokane's Downriver area, where historic charm meets modern convenience. Today, join us on a journey as we explore this vibrant community through the eyes of someone who's not just visiting but becoming a part of it.   Discovering Audubon Park and Beyond As we embark on our exploration, the first stop is Audubon Park, a sprawling green space that sets the tone for the neighborhood's natural beauty. But what truly sets Audubon apart is its resemblance to the beloved South Hill, with its classic craftsman-style homes dotting the landscape.   Green Spaces and Outdoor Adventures Audubon isn't just about charming homes; it's a haven for outdoor enthusiasts. From the expansive Audubon Park to the scenic trails along the Spokane River, there's no shortage of opportunities for hiking, biking, or even indulging in cold plunges during warmer months.   A Neighborhood with Character What makes Audubon truly special is its vibrant community spirit. With a plethora of local businesses, cafes, and eateries, residents can enjoy the convenience of city living without sacrificing the warmth of a close-knit community. Whether it's grabbing a cup of coffee at the Garden Cafe or savoring the best pizza in town at Flying Goat, Audubon has something for everyone.   Real Estate Insights For those considering making Audubon their home, let's delve into some real estate insights. With a range of housing options spanning from historic homes to newer builds, Audubon offers affordability without compromising on quality. And with a low turnover rate and a predominantly owner-occupied community, it's clear that once you're here, you won't want to leave.   Education and Accessibility Families considering Audubon will be pleased to know about the neighborhood's proximity to quality schools like Finch Elementary and Glover Middle School. Plus, with easy access to downtown Spokane and surrounding areas, Audubon offers the perfect balance of suburban tranquility and urban convenience.   As we conclude our journey through Audubon, it's evident why this neighborhood is quickly becoming a sought-after destination for homebuyers and adventurers alike. Whether you're drawn to its natural beauty, charming homes, or vibrant community spirit, Audubon welcomes you with open arms.

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Transforming Spokane's Housing Landscape: A Closer Look at Two Potential Bills

  Last week, I had the unique opportunity to be in Olympia, Washington State's capital, advocating for crucial housing initiatives that could potentially reshape the real estate landscape in Spokane and across Washington. In this blog post, I'll delve into two specific bills that were under discussion during my lobbying efforts and explore how they might revolutionize the housing market.   Bill 1: Administrative Lot Splitting The first bill centers around administrative lot splitting, a process designed to simplify the creation of new buildable lots for residential use. The aim is to enable homeowners to easily split their existing residential lots into two, providing various advantages for both the current owners and prospective homebuyers. Key Provisions: Minimum Lot Size: The lot must be at least 1500 square feet, considerably smaller than the average lot size in Spokane. Consistency with Standards: The resulting lots must adhere to minimum review standards, ensuring the new lots align with zoning regulations. No Demolition of Rented Units: If a unit on the lot is rented, any demolition or alteration must wait for 12 months after the unit becomes vacant. Parking and Frontage Requirements: Regulations limit off-street parking to one space per lot and frontage width to 20 feet, streamlining the process and reducing constraints. Easement and Design Standards: Easement widths for access to rear lots are capped at four feet unless specific conditions require otherwise. Additionally, no additional permitting requirements beyond standard single-family homes are allowed.   Bill 2: Rural Detached Accessory Dwelling Units (ADUs) The second set of bills focuses on rural properties and aims to permit the construction of detached Accessory Dwelling Units (ADUs). Unlike existing regulations, these bills propose allowing property owners with larger plots, typically found in rural areas, to build additional dwelling units on their land legally. Potential Impact: Expansion in Rural Areas: The bills, if passed, would allow property owners in rural areas to build detached ADUs on their land, catering to larger families or multiple generations living on a single parcel. Legalization of Existing Structures: The legislation acknowledges the prevalence of illegal structures in rural areas and seeks to address this issue by providing a legal framework for additional dwelling units. These proposed bills present exciting prospects for Spokane's real estate landscape, promising increased flexibility for property owners and potential solutions to challenges like affordable housing and Accessory Dwelling Unit construction. As these bills navigate the legislative process, it's essential for residents, investors, and stakeholders to stay informed and engaged in discussions that could significantly impact the city's housing future.

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