TANYA
JANUARY
STARKEL LUXURY MARKET REPORT SPOKANE |
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
1 1 4 1 2 4 0 3 6 7 3 3 4 9 14 0 0 0 0 1 0 2 1 0 1 1 3 0 7 5 $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 $862,500 4 3 2 11 18% 3,000 - 3,999 $957,882 4 3 5 20 25% 4,000 - 4,999 $900,000 5 4 7 6 117% 5,000 - 5,999 $1,350,000 5 5 7 11 64% 6,000 - 6,999 NA NA NA 0 4 0% 7,000+ NA NA NA 0 8 0%
SPOKANE
INVENTORY VS. SALES | DECEMBER 2022 Luxury Benchmark Price 1: $850,000 Seller's Market 62 Total Inventory: 21 Total Sales: 34% 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
SPOKANE SINGLE - FAMILY HOMES
13
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MONTH LUXURY MARKET TREND 4
MEDIAN DATA REVIEW | DECEMBER
TOTAL INVENTORY
VARIANCE: 107 % 30 62 Dec. 2021 Dec. 2022
SALE PRICE PER SQFT.
TOTAL SOLDS
VARIANCE: - 32 % 31 21
SALE TO LIST PRICE RATIO
100.00% 97.93%
VARIANCE: - 2 %
SALES PRICE
VARIANCE: - 16 % $1.15m $970k
DAYS ON MARKET
VARIANCE: 104 % 25 51
SPOKANE MARKET SUMMARY | DECEMBER 2022
• The Spokane single-family luxury market is a Seller's Market with a 34% Sales Ratio.
• Homes sold for a median of 97.93% of list price in December 2022.
• The most active price band is $1,100,000-$1,199,999, where the sales ratio is 100%
• The median luxury sales price for single-family homes is $970,000.
• The median days on market for December 2022 was 51 days, up from 25 in December 2021.
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 30 32 36 48 64 108 115 135 130 148 103 88 62 31 15 15 23 38 49 48 46 33 39 36 36 21 $1,150,000 $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 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
VARIANCE: 15 % $230 $265 Dec. 2021 Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021 Dec. 2022 Dec. 2021 Dec. 2022
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.
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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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
