Spokane Housing Market Update | November 2023

  In the ever-changing landscape of the housing market, staying informed is crucial for both buyers and sellers. Today, we delve into the Spokane real estate scene, breaking down the numbers to provide you with valuable insights. From median sales prices to inventory trends, we aim to equip you with the knowledge needed to navigate this dynamic market effectively.   Median Sales Price Fluctuations In October, the median sales price in Spokane experienced a nominal decrease, aligning with typical market fluctuations. A notable trend emerges when comparing data from 2022 to 2023, revealing more dramatic price changes over this period than in the past eight years. The current median price stands at $413,000, showing a 25% decrease from the previous month and a marginal drop of just under 1% year over year. Homebuyers who made purchases between March and September 2022 may witness a decrease in home value, potentially lasting one to two years.   Interest Rates and Market Dynamics Interest rates recently decreased, providing a positive shift from 8% to around 7.35%, with FHA and VA loans benefiting from rates around 6.8%. Despite favorable interest rates, home prices are not dropping significantly due to a scarcity of new listings. October saw 744 new listings, a 25% decline from the previous month. However, active inventory has risen to 1,334, up nearly 3.5% from last year.   Unsold Listings and Market Dynamics The number of unsold listings, those that expired without a sale, is a key indicator of market challenges. A surge in unsold listings, reaching levels not seen since 2017, suggests sellers may be pricing homes based on historical data, failing to adapt to the evolving market.   Days on Market and Pricing Strategies The average days on market is currently 21 days, but this varies across price ranges. Homes in the $300,000 to $399,000 range sell in just under three weeks, while those in the $400,000 to $499,000 range take longer. Sellers need to adjust pricing strategies, considering the current market dynamics to avoid prolonged listings.   Cash Sales and Affluent Buyers A notable shift is observed in cash sales, especially in the higher price brackets. Affluent buyers are opting to purchase homes with cash to avoid monthly liabilities, demonstrating a cautious approach to the economic climate.   Negotiation Leverage and Buyer's Market Some segments of the market are transitioning into a neutral or buyer's market, evidenced by an increasing inventory, particularly in the $500,000 to $750,000 range. Sellers may need to adjust their expectations, as buyers gain leverage with approximately six months of inventory in these price ranges.   Percent of List Price Received Homes in the $200,000 to $300,000 range are selling above asking price, while those in the $500,000 to $750,000 range are selling at approximately 99% of the asking price. Buyers may find opportunities for negotiation, especially for properties that have been on the market for an extended period.   In conclusion, the Spokane housing market is experiencing shifts in pricing, inventory, and buyer-seller dynamics. Both buyers and sellers should carefully consider the current trends and adapt their strategies accordingly. With transparency and proactive engagement, individuals can make informed decisions in this evolving real estate landscape. Whether you're contemplating a sale or on the lookout for your dream home, understanding these market nuances will be instrumental in achieving your real estate goals.

View more

Sip, Shop, and Savor: The Arbor Crest Holiday Art Show

Get ready to kick off the holiday season in style at the Arbor Crest Holiday Art Show! On November 11th to November 12th, 2023, join us for a festive and delightful event featuring a curated selection of artwork from some of your favorite local artists. Set against the breathtaking backdrop of Arbor Crest Winery, this unique experience invites you to sip on award-winning wines, shop for one-of-a-kind treasures, and immerse yourself in the creative talents of the Spokane community.   Event Details: Dates: November 11th to November 12th, 2023 Time: Saturday 12 PM - 5 PM, Sunday 12 PM - 4 PM Location: Arbor Crest Winery, 4705 N. Fruit Hill Rd, Spokane, WA 99217 Admission: Free (21 and over only)   A Showcase of Local Artistry The Arbor Crest Holiday Art Show brings together a stellar lineup of local artists, each contributing their unique flair to the vibrant tapestry of creativity. From painted artworks that tell stories to handcrafted candles that illuminate, woodworking masterpieces that stand the test of time to intricate jewelry that adorns, this event is a celebration of diverse mediums and talents.   Sip on Award-Winning Wines As you explore the artistic treasures, treat your taste buds to the award-winning wines that Arbor Crest Winery is renowned for. Each sip is a journey through the flavors of the region, enhancing the overall experience and making this event a true celebration of the senses.   Festive Atmosphere The holiday spirit will be in full swing with a festive atmosphere that invites you to enjoy the seasonal cheer. Whether you're looking for the perfect gift or simply want to revel in the joy of creativity, the Arbor Crest Holiday Art Show provides a warm and welcoming space for both.   Community Connection Beyond the art and wine, this event fosters a sense of community connection. Engage with the artists, share stories, and build connections with fellow art enthusiasts. It's an opportunity to appreciate the talents that thrive in our local community.   The Arbor Crest Holiday Art Show is more than just a shopping event; it's a celebration of local talent, a feast for the senses, and a chance to embrace the spirit of the holidays. Whether you're a seasoned art collector or someone looking for unique gifts, this weekend promises a delightful blend of creativity and wine. Admission is free, the ambiance is festive, and the experience is bound to be unforgettable. Come sip, shop, and savor the best of local art at Arbor Crest Winery!

View more

Immerse Yourself in Culture at the Spokane Fall Folk Festival

As the crisp fall air settles in, the Spokane Folklore Society invites you to embrace the rich tapestry of traditions and melodies at the Fall Folk Festival. From November 11th to November 12th, 2023, the Spokane Community College's Lair will come alive with the sounds of traditional and ethnic music, the vibrant colors of dance, and the craftsmanship of traditional arts. Join us for a celebration of culture, diversity, and the hidden gems of our regional folk musicians.   Event Details: Dates: November 11th to November 12th, 2023 Time: Saturday 11 AM - 8 PM, Sunday 11 AM - 5 PM Location: Spokane Community College The Lair, 1810 N Green St, Spokane, WA 99217 Admission: Free   A Kaleidoscope of Performances The heart of the Fall Folk Festival lies in its eight stages, each a portal to a different world of music and dance. From the rhythmic beats of Celtic tunes to the soulful melodies of bluegrass, the festival showcases the beauty of diversity through approximately 100 performing groups. Immerse yourself in the traditions of blues, African rhythms, Asian melodies, Middle Eastern tunes, and more. Each performance is a testament to the rich cultural tapestry that makes our region unique.   Workshops and Jams For those eager to dive deeper into the artistry, the festival offers workshops where you can learn the intricacies of various folk traditions. Whether you're a seasoned musician or a curious beginner, these workshops provide a platform for shared learning and appreciation. And, of course, there will be plenty of opportunities to join jam sessions, fostering a sense of community among music enthusiasts.   \ Crafts and Creativity As you explore the festival grounds, don't miss the chance to peruse the traditional crafts on display. From handcrafted instruments to intricately designed textiles, these treasures embody the craftsmanship and creativity of our local artisans. It's a perfect opportunity to find unique, culturally rich gifts for yourself or your loved ones.   Supporting Local Talent The Fall Folk Festival is more than just a weekend of entertainment; it's a platform dedicated to supporting our regional folk musicians. Many local artists, often hidden gems in the musical landscape, are waiting to be discovered. By attending the festival, you contribute to the vibrant tapestry of our local arts scene.   Community and Connection Beyond the stages and crafts, the Fall Folk Festival is a celebration of community and connection. It's a space where people from diverse backgrounds come together to appreciate the beauty of cultural expression. Strike up conversations, make new friends, and revel in the shared joy of music and dance.   The Spokane Fall Folk Festival is an invitation to embrace the harmony found in diversity, to celebrate the richness of our cultural heritage, and to support the talents that thrive in our own backyard. As the melodies echo through the Lair, and the vibrant colors of dance fill the air, join us in this weekend celebration of the arts. Admission is free, the atmosphere is warm, and the experiences are boundless. See you at the Spokane Fall Folk Festival!

View more