JUNE 2022
@HOME N E W S L E T T E R
ISSUE 128
A Fitting Partnership THE NATION’S OLDEST REAL ESTATE BRAND AND ITS OLDEST SERVICE CLUB
T
his year, Coldwell Banker Tomlinson is a major sponsor of an upcoming fundraising event with the Exchange Club of Downtown Spokane and the Exchange Club Foundation. The event, Belle Notte, will held at Arbor Crest on Sept 9, 2022, starting at 5 pm
and benefit Vanessa Behan, Childrens Home Society and Partners with Families and Children. This magical night under the stars features scrumptious Italian fare from Beacon Hill Catering, live music with the Cronkites, and a live auction. It marks the 30th annual fund-raising event to benefit agencies offering services to underserved children in the Spokane area. During the current fiscal year, the service club has raised over $875,000 and is looking to bring in $125,000 in order to reach its goal of $1 million. Weekly meetings of the Spokane Exchange Club began in 1948. Prevention of child abuse was the primary focus of the group from its inception. In 1992, the club started hosting an annual charity event supporting child abuse prevention through 3 key agencies serving the greater Spokane/CDA area. The event started as a “Holiday Crab Feed” and, over the years, came to attract up to 400 people each year. When Covid-19 hit, the group decided to turn to an outdoor event and adopted Arbor Crest as its venue. The first Belle Notte charity event last year was held last year and raised over $75,000 for the 3 agencies: Children's Home Society of Washington (childrenshomesociety.org), Spokane Partners with Families and Children (partnerswithfamilies.org), and Vanessa Behan Crisis Nursery (vanessabehan.org). Within the limits of their capacity, no one seeking services from these agencies is turned away. Since March 27, 1911, Exchange has worked to make communities better places to live. Founded in Detroit Ml by a group of businessmen known as the Boosters’ Club, the organization began as an "exchange" of ideas about what the members might accomplish with their collective talents and mutual interests.
Today, Exchange boasts more than 650 clubs and nearly 20,000 members throughout the United States and Puerto Rico. Exchange upholds three Programs of Service — Americanism, Community Service, and Youth Programs - as well as its National Project, the prevention of child abuse. Known as "America’s oldest service club,” Exchange sponsors activities under the organization's two Programs of Service: “Americanism,” sponsoring Youth Programs and Community Service, and its “National Project,” dedicated to the prevention of child abuse. Each year, communities benefit from the promotion of patriotism, from the provision of college scholarships, youth mentoring, service to the underprivileged, and other services tailored to their particular needs. This year’s gala Bella Notte is limited to 200 people, so early registration is recommended. Sponsorship opportunities are also available. Contact Melinda Denton from The Exchange Club of Spokane for more information.
Melinda Denton melinda@cbspokane.net
WHO’S “OVERPRICED?” WEIGHING IN ON THE CONVERSATION OF SPOKANE BEING OVERPRICED BY CHRIS OLNEY
he Spokane real estate market continues to draw national attention. It has been singled out for the past few years as being in the top 10 hottest markets in the US. Anyone who has purchased or tried to purchase a home in Spokane recently would readily agree. Stories of homes in some of
T
than cities like Los Angeles, San Francisco or Seattle. Maybe Spokane owes an apology to the hundreds of buyers that have flocked to our city with cash in hand gained from the sale of their two and three million dollar aging bungalows. Almost 70% of the new construction homes sold in Spokane over the past two years were purchased
sales are coming down, but listed homes are still selling swiftly, and home prices are much higher than a year ago.” The median existing-home sales price increased at a slower year-over-year pace of 14.8% in April. Median home prices were $391,200 nationwide. Home prices continued to
the price ranges attracting 20 or 30 offers shortly after coming on the market are not uncommon.
by out-of-town buyers. Lawrence Yun, NAR’s chief economist
increase in every region of the U.S. The term “overpriced” is properly applied to
The Spokane real estate market was recently in the national news again, but
recently stated, “The market is quite unusual as
a piece of real property when it is listed at a price that the public is unwilling to pay, i.e.
this time it was not the positive news we are accustomed to. Researchers from
when it goes on the market and stays there. In the past 60 days, a median-
Florida Atlantic University and Florida International University ranked Spokane
priced home in Spokane has languished on the market for an average of 5 days!
seventh on its list of 100 most overvalued housing markets in the
Prices are driven by supply and demand, not by past trends. Spokane
nation with home prices 56% above where they should be based on past
builders have struggled the past several years to produce enough new housing.
pricing trends. For many years, the Spokane market trudged along, gaining value at an average rate of 5% annually. The attached chart tells quite a different tale: over the past four years, annual appreciation has averaged 20%. According to the report, Spokane is three to four times more overpriced
Our rental market, with a vacancy rate of about 1%, is seeing monthly rents of $1,300 for a 1-bedroom apartment and $2100 to $2800 for a 3or 4-bedroom house. When you factor in the unprecedented growth that Spokane County is experiencing, the prices make a little more sense.
Home Recipes with Coldwell Banker Tomlinson
Courtesy of Elizabeth Beatty
Elizabeth’s Pico de Gallo Serves 8 INGREDIENTS • 1 lb tomatoes. (3-4 medium), diced • 1/2 medium onion, (1 cup chopped) • 1 jalapeño pepper, seeded and finely minced (optional)
• • • •
1/2 cup cilantro, chopped 2 Tbsp lime juice, from 1 lime 1/2 tsp salt, or to taste 1/8 tsp black pepper
INSTRUCTIONS 1. 2. 3.
In a medium bowl, diced tomatoes, onion, jalapeño pepper and chopped cilantro. Stir in 2 Tbsp lime juice and lightly season with 1/2 tsp salt and 1/8 tsp black pepper, or season to taste. Enjoy right away or cover and refrigerate overnight.
NOTES With no cooking involved and only 5 ingredients, this pico de gallo recipe is a great, easy-to-make, fresh, healthy, low-calorie boost of flavor to just about any Mexican meal in the summertime.
COMMUNITY EVENTS
SPOT the Spine Community Scavenger Hunt July 11 - 23 • 8:00am - 5:00pm • Spokane Valley spotthespine.com • FREE In a nutshell, SPOT the Spine is a scavenger hunt, where being outdoors and exploring the area could render you some big rewards. Before the 11th of July, a model spine will be hidden somewhere in a 10-mile radius from Inland Therapy Pathways (12b N University Rd, Spokane Valley). Starting on the 11th, daily clues will be given out to help you get closer to the location it is hidden. If you find it, you win the cash prize of $1,000. For more information, visit spotthespine.com.
Social Fabric Series: Dirty Laundry
Mamma Mia!
Now - June 30, Thu-Sun • Museum of Arts & Culture northwestmuseum.org • 509-456-3931 • $105-$20
July 1 - 10 • 7:30pm • Schuler Performing Arts cdasummertheatre.com • 208-446-1860 • $50-$60
his self-guided, mini-exhibition inside the Campbell House wrings details from diaries, correspondence and interviews to interpret personal and private topics not frequently shared in polite society. Visitors can unfold details of the Campbell family's finances, health and romances, aired through displays of period clothing belonging to the family, like Grace Campbell's receiving dress and Helen Campbell's 1917 wedding dress seen here.
The story-telling magic of ABBA's timeless hits propel this enchanting tale of love, laughter and friendship. On the eve of her wedding, a daughter's quest to discover the identity of her father brings three men from her mother's past back to the Greek island paradise they last visited 20 years ago. Non-stop laughs, heart-felt ballads and explosive dance numbers combine to make Mamma Mia! an unforgettable great time!
Coldwell Banker Tomlinson 4102 S Regal St, Suite 201 Spokane, WA 99223
@HOME WITH
cbspokane.com
ISSUE 128 | JUNE 2022
©2022 Coldwell Banker Tomlinson. All rights reserved. Each office is independently owned and operated. If you currently have an Agent assisting you with the purchase or sale of property, this is not a solicitation for business.
Spokane & Kootenai County Market Snapshots - May 2022
Market Insights BY JULIE KUHLMANN
SPOKANE COUNTY Average Sales Price
Current Listing Inventory
Median Days On Market
$483,201
449
5
Up 18.4%
Up 73.3%
Up 25%
Median Sales Price
Residential Closed Sales
Annual Residential Sales
$450,000
599
2,581
Up 20.0%
Down 16.0%
Down 10.3%
Average Sales Price
Current Listing Inventory
Average Days On Market
$721,628
681
59
Up 28.1%
Down 16.6%
Down 13.2%
Median Sales Price
Residential Closed Sales
Annual Residential Sales
$590,000
349
1,477
Up 20.4%
Down 16.3%
Down 15.5%
KOOTENAI COUNTY
April 2022, as compared to April 2021. The information in these reports are compiled from reports given by the Spokane Association of REALTORS® and the Coeur d'Alene Association of REALTORS® and to the best of our knowledge is accurate and current.
Is a normal market on the horizon for North Idaho? The median home price in May for Kootenai County was $590,000, down slightly from a month ago. Sales price alone doesn’t say a lot about the softening of the market, but when you add in the 33% increase in current listing inventory and more reductions in prices, it shows buyers have more choices and maybe a few more days to make a decision. Idaho is still a strong Seller’s Market and there is still buying power out there, however with interest rates rising it is having a slight impact on the housing market. Buyers could afford the higher prices at a 3% rate; however, inflation is changing that and is causing buyers to pause. We are still seeing multiple offers on some homes, but keep in mind inventory is growing so sellers can no longer shoot for the moon. According to the Coeur d’Alene Association of Realtors, there were 323 homes on the market for sale in Kootenai County in February, 382 in March, 511 in April and in 681 in May. In the Spokane area we are not seeing quite as much buyer relief on the horizon. Current available homes for sale have risen 20% over last month, however the median sales price has also increased 6% and median days on market has decreased.