HERE'S YOUR WEEKLY LISTING REVIEW FOR

NKA North Valley Rd

Hi Sidney,

We had no showings, new buyer interest, or offers over the past seven days. The land market remains slower than traditional residential properties, and buyers continue to have several options to compare. Since we don't have any new buyer feedback indicating a specific issue, I think we can continue holding and monitoring the immediate competition. If we continue without showing activity, we can revisit the pricing strategy and determine whether an adjustment would help generate more interest.

I’ve spoken with most of you about concerns surrounding the wildfires and what their impact could mean for the Spokane housing market. We now have a clearer picture following the official count of homes lost. While we had been hearing estimates of around 900 structures, the final count shows that fewer than 300 homes were actually destroyed. This is, of course, still a significant tragedy for the families affected, but from a broader market perspective, the impact appears more limited than initially feared. Even if roughly 40–60% of those affected families choose to rebuild or purchase another home locally, that would represent approximately 120–180 additional households entering the market. Compared with roughly 3,100 homes currently available, that represents a relatively small portion of overall inventory rather than a major long-term shift in market dynamics. Additionally, many of the homes affected were in higher price ranges, meaning the resulting demand will likely be concentrated in similar price brackets. Buyers who are looking to remain near their existing schools, families, and communities are also more likely to stay within the same general areas, while relocating farther away will likely represent a smaller portion of those affected.

In the short term, the fires have understandably made some buyers more cautious, particularly around insurance availability and costs. However, we are already seeing buyer activity begin to pick back up. In fact, we’ve had four buyer offers written in the last seven days, with nearly all of those buyers negotiating approximately 3% off the purchase price or an equivalent amount in seller concessions. For sellers, this reinforces what we’ve been seeing throughout the market: buyers are still active, but they are being more strategic about price and value. The opportunity is still there, but properties need to be positioned competitively to convert buyer interest into offers.

– Haydn