2022 Market Summaries

Spokane Market Summary

How low can you go? Real estate limbo, anyone, anyone? Bueller? For the first time in years, sale prices are going down, not up. The market was hot. . .or, rather, frenzied. Prices were great for sellers. But if you were staying put, the price increases raised property taxes, putting a pinch on the pocketbook like never before! Buyers? Good luck competing with dozens of other offers on the same property, most of the time way over the list price.

Now? Sellers are practically begging buyers for offers. Well, begging for A BUYER to make an offer, just one. Please! This shift is best seen in sale price changes. 2022 started strong like recent years; prices rose, buyers still threw themselves at sellers, and multiple offers were everywhere. Around May 2022, sales prices began to drop.

What happened? A couple things. For starters, loan interest rates increased. Loan rates now are double what they were a year ago. The monthly payment on a $500,000 house a year ago was about $2,200/mo. Today, the payment on that same house would be about $3,200/mo. An extra $1,000 a month, or $12,000 per year! Loan rates increased as a result of nationwide inflation. The Federal Reserve kept increasing rates to slow inflation, the other culprit. Prices on goods and services are higher than ever.

With day-to-day life costing more, who can spare an extra $1,000/mo. to buy a home? Not many. So, lots of buyers just stay in the home they currently own or keep renting. With fewer people buying homes and more homes sitting on the market now, buyers can be picky. No more competition and oodles of homes to choose from. . . bye, bye multiple offers.

With housing costs much higher now, fewer people can afford a home. To make a home more appealing, sellers are dropping prices and throwing concessions at buyers to entice them to buy their home! Although the Spokane market started strong, prices dropped, and it’s taking longer to sell properties now. Take a look at the summary stats below for Spokane.

Spokane sale prices dropped in 2022. The end of the year closed lower than 2021.

While prices are up from last year, December 2022’s sale price is lower than last year! Wow! Although the 2022 average time to get an offer was 15 days, that includes earlier this year when the market was good. Now, it’s taking up to 2 months to get an offer. Most price ranges are selling for less than list price too. The chill is on, but it’s much needed to bring balance.

Green Bluff Market Summary

Green Bluff sale prices also dropped in 2022. The median sale price at the end of the year was $662,000, which is much lower than $777,500 at the beginning of the year.

Yes, 2022 Green Bluff prices are up from last year, but that’s only because prices at the beginning of the year shot up! From mid-summer, prices took a dive. . .a deep dive, going from a median price of $813,000 to $662,000 at year end. That’s almost a 20% drop! Sales are discounted too, selling for anywhere from 5% – 20% BELOW LIST PRICE! Why?

Important Point!

Some reasons are similar to the Spokane market, but there’s another primary reason. Don’t miss this. . . agents and sellers are panicking and reducing list prices too soon.

Many remember putting a property up for sale on a Friday, and it’s sold before you can butter your morning biscuit the next day! Not now, and those who don’t or can’t read the market are suffering the consequences, leaving thousands of dollars on the table by reducing the list price way too soon. Over the last 3 months, in the Green Bluff market, it’s taking up to 4 months to get an offer! The take away. . . just be patient.

SELLING IN 2023? – HERE’S WHAT TO EXPECT
Tip #1 – Price it Right!
List prices need MARKET SUPPORT. An agent must provide: 1) Comparable sales and listings showing the competition to support a price. 2) A Market Analysis showing past and present activity to set goals for the listing process. Sale prices, time to get an offer, when to reduce the list price (if needed), etc. Each market is different. Start with a market supported price! If an agent can’t provide this support, RUN AWAY!

Tip #2 – Mind the Time!
Don’t drop the price too soon. Properties don’t sell in a 3 days anymore! Expect up to 4 months to get an offer. When priced right, 50% of properties get an offer in 30 days. If your house goes past 30 days, that’s when to consider a price reduction, not sooner! If an agent recommends a price reduction, there should be support!

Tip #3 – Check the link below for more tips!

Find additional tips and more Green Bluff insights for 2023.

https://www.codykerr.com/green-bluff-real-estate-full-market-summaries-2022/

Tip #4
Sell with Cody Kerr, the Green Bluff real estate specialist and expert in land and properties on acreage. Proven experience and a track record of success.