TANYA STARKEL
LUXURY MARKET REPORT SPOKANE | FEBRUARY 2023
509.475.9075
Tanya@AvenueStoneRealEstate.com
www.AvenueStoneRealEstate.com
Tanya has a passion for real estate and a drive for providing exceptional customer service and results for her clients. She is a managing broker, certified luxury specialist and owner of Avenue Stone Real Estate; plus, a wife and mom of two active boys. She loves that Spokane is a great place to raise a family and appreciates the change that comes in each of the 4 seasons. You will find her and her family at the Lake in the summer and at the mountain slopes in the winter with soccer everywhere in between. She is hardworking, dedicated to excellence, and believes that the little details, the surprise and delightful moments make all hard work worth it. She always finds a way to make it happen in both life and work. She is here to help you build wealth in real estate, secure your dream home, and transition through all the stages of life.
Real Estate with Passion, Vision, and Expertise.
Broker, Real Estate Professional
– Avenue
Luxury Specialist
+
TANYA STARKEL Managing
Owner
Stone Real Estate Certified
KW Sports
Entertainment Member
LUXURY REPORT EXPLAINED –
The Institute for Luxury Home Marketing has analyzed a number of metrics — including sales prices, sales volumes, number of sales, sales-price-to-list-price ratios, days on market and price-per-square-foot – to provide you a comprehensive North American Luxury Market report. Additionally, we have further examined all of the individual luxury markets to provide both an overview and an in-depth analysis - including, where data is sufficient, a breakdown by luxury single-family homes and luxury attached homes.
It is our intention to include additional luxury markets on a continual basis. If your market is not featured, please contact us so we can implement the necessary qualification process. More in-depth reports on the luxury communities in your market are available as well.
Looking through this report, you will notice three distinct market statuses, Buyer's Market, Seller's Market, and Balanced Market. A Buyer's Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point.
By contrast, a Seller's Market gives sellers greater control over the price point. Typically, this means there are few homes on the market and a generous demand, causing competition between buyers who ultimately drive sales prices higher.
A Balanced Market indicates that neither the buyers nor the sellers control the price point at which that property will sell and that there is neither a glut nor a lack of inventory. Typically, this type of market sees a stabilization of both the list and sold price, the length of time the property is on the market as well as the expectancy amongst homeowners in their respective communities – so long as their home is priced in accordance with the current market value.
REPORT GLOSSARY
REMAINING INVENTORY: The total number of homes available at the close of a month.
DAYS ON MARKET: Measures the number of days a home is available on the market before a purchase offer is accepted.
LUXURY BENCHMARK PRICE: The price point that marks the transition from traditional homes to luxury homes.
NEW LISTINGS: The number of homes that entered the market during the current month.
PRICE PER SQUARE FOOT: Measures the dollar amount of the home's price for an individual square foot.
SALES RATIO: Sales Ratio defines market speed and determines whether the market currently favors buyers or sellers. Buyer's Market = up to 14%; Balanced Market = 15 to 20%; Seller's Market = 21% plus. If >100%, sales from previous month exceed current inventory.
SP/LP RATIO: The Sales Price/List Price Ratio compares the value of the sold price to the value of the list price.
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1 1 4 3 1 2 2 1 3 6 5 4 5 11 10 0 0 0 0 0 0 0 0 0 1 3 0 3 2 1 $3,100,000+ $2,700,000 - $3,099,999 $2,300,000 - $2,699,999 $2,100,000 - $2,299,999 $1,900,000 - $2,099,999 $1,700,000 - $1,899,999 $1,600,000 - $1,699,999 $1,500,000 - $1,599,999 $1,400,000 - $1,499,999 $1,300,000 - $1,399,999 $1,200,000 - $1,299,999 $1,100,000 - $1,199,999 $1,000,000 - $1,099,999 $900,000 - $999,999 $850,000 - $899,999 Inventory Sales Square Feet3 -RangePrice -Median SoldBeds -Median SoldBaths -Median SoldSold -TotalInventory -TotalSales Ratio -Sold/Inventory0 - 2,999 $1,111,935 4 4 2 9 22% 3,000 - 3,999 $999,999 4 4 3 17 18% 4,000 - 4,999 $1,027,500 6 4 3 11 27% 5,000 - 5,999 $1,010,000 5 4 1 10 10% 6,000 - 6,999 NA NA NA 0 2 0% 7,000+ NA NA NA 0 9 0%
SPOKANE
Benchmark
1: $850,000 Balanced Market 59 Total Inventory: 10 Total Sales: 17% Total Sales Ratio2: 1 The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.
SINGLE - FAMILY HOMES LUXURY INVENTORY VS. SALES | JANUARY 2023 Luxury
Price
SPOKANE
13
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SINGLE - FAMILY HOMES
MONTH LUXURY MARKET TREND 4
MEDIAN DATA REVIEW | JANUARY
TOTAL INVENTORY
VARIANCE: 84 % 32 59 Jan. 2022 Jan. 2023
SALE PRICE PER SQFT.
VARIANCE: 6 % $242 $257
TOTAL SOLDS
VARIANCE: - 33 % 15 10
SALE TO LIST PRICE RATIO
100.00% 98.64%
VARIANCE: - 1 %
SALES PRICE
VARIANCE: 10 % $930k $1.02m
DAYS ON MARKET
6 7
VARIANCE: 17 %
SPOKANE MARKET SUMMARY | JANUARY 2023
• The Spokane single-family luxury market is a Balanced Market with a 17% Sales Ratio.
• Homes sold for a median of 98.64% of list price in January 2023.
• The most active price bands are $1,000,000-$1,099,999 and $1,200,000-$1,299,999, where the sales ratio is 60%.
• The median luxury sales price for single-family homes is $1,023,750.
• The median days on market for January 2023 was 7 days, up from 6 in January 2022.
3Square foot table does not account for listings and solds where square foot data is not disclosed. 4Data reported includes Active and Sold properties and does not include Pending properties.
Solds Median Sales Price Inventory 32 36 48 64 108 115 135 130 148 103 88 62 59 15 15 23 38 49 48 46 33 39 36 36 21 10 $930,000 $1,100,000 $927,000 $989,500 $956,000 $986,500 $987,500 $1,100,000 $1,010,000 $1,100,000 $925,000 $970,000 $1,023,750 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23
Jan. 2022 Jan. 2023 Jan. 2022 Jan. 2023 Jan. 2022 Jan. 2023 Jan. 2022 Jan. 2023 Jan. 2022 Jan. 2023
TANYA STARKEL 509.475.9075 | Tanya@AvenueStoneRealEstate.com | www.AvenueStoneRealEstate.com Thank you for taking time to view this report. For more information about this report and the services I can offer you and your luxury property, please give me a call at 509.479.9075.
- Tanya Starkel
