4/12/2022
Biggest news - 1) the City has found a potential site at Trent and Havana for the new homeless shelter and 2) the City Council postponed consideration of the Mayor’s Homeless plan until next week 4/18/22. See the KREM2 report below...
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Spokesman-Review
Real-estate market gets even hotter
KREM
Spokane residents back tiny homes for homeless population
KHQ
KXLY
City of Spokane eyes E. Trent property for new homeless shelter
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Spokesman-Review
Real-estate market gets even hotter
By Amy Edelen
THE SPOKESMAN-REVIEW
Homebuyers in Spokane County can’t seem to catch a break as the median home price reached another all-time high in March.
The median closing price for homes and condos on less than 1 acre soared to $429,998 last month, a 26.3% increase from the $340,550 median price in March 2021, according to data from the Spokane Association of Realtors.
The county’s previous all-time high median sales price was $400,000 in February.
Strong demand and lack of available homes are continuing to drive up prices, said Rob Higgins, the association’s executive officer.
Higgins initially thought the county’s double-digit price increases would stabilize this year after the frenzied market of 2021, but activity continues to accelerate with multiple offers and properties selling for thousands of dollars above asking price.
“I was thinking we weren’t going to see those numbers this year. I still think we’ll slow down in the second and third quarters because interest rates will be going up,” he said. “Traditionally, that will impact the percentage increase of the closed sales price. That’s generally the case, but we’ll see if it applies this time.” Spokane Valley homebuyers are grappling with even higher prices as the median reached $485,000 in March, according to Realtors association data.
Spokane Valley is a desirable area for many homebuyers because of larger home lots, desirable schools and shorter commute times. Spokane Valley is drawing a combination of outof- area buyers, retirees, investors and millennials, some of whom are paying anywhere from $40,000 to $60,000 over asking price, said Donlee Marlin, broker with Live Real Estate.
“You don’t pay asking price ever. But once you hit over $500,000, it’s a different threshold,” she said. “Then, you aren’t seeing that many multiple offers.”
The median closing price in March was $450,000 in South Spokane, followed by $419,998 on the West Plains. North Spokane’s median was $370,000, while downtown’s median was $297,000, according to the Realtors association.
“I think we are continuing to see the same trends – low inventory and new construction cannot keep up,” Marlin said. “And the cost of goods is so much higher, so that’s driving up the cost of a home, especially a new home.”
“I do think, in time, things will change as building catches up a little bit,” Marlin added.
The national median existing home price for all housing types in February was $357,300, up 15% from $310,600 in February 2021, according to the National Association of Realtors. March data will be released later this month.
Mortgage rates increased 1.5 percentage points over the past three months, marking the fastest three-month rise since May 1994. The increase in mortgage rates has softened purchase activity as the monthly payment for those looking to buy a home rose by 20% from a year ago, according to Freddie Mac.
The 15-year average mortgage rate was 3.91% and the 30-year average was 4.72%, Freddie Mac reported last week.
A 1 percentage point rise in interest rates can make a huge difference in buying power, especially when home prices are around $500,000. Rising interest rates prompted some previously undecided buyers to make the leap to homeownership, Marlin said.
Millennials, who make up the largest share of homebuyers in the nation, could decide to temporarily take a break from the market and remain in rentals. Homeowners looking to move into larger properties might also opt to stay put amid concerns of finding another home in Spokane’s competitive market, Marlin added.
Sales data show that about 19% of homes sold in Spokane Valley last month were built in 2019-2021, compared to 8.9% in Spokane. Because the homes were built amid a nationwide lumber shortage and rising building costs, it could explain why those properties were more expensive, said Tim Olsen, broker with John L. Scott Real Estate.
Olsen echoed that he’s also seeing multiple offers in the Spokane Valley market. While there is demand in all areas of Spokane Valley, potential buyers express the most interest in living within the Central Valley School District, he added.
Some 562 single-family homes and condos on less than 1 acre sold in March, a 5.2% decrease compared to 593 homes in March 2021, according to data from the Spokane Association of Realtors.
The county had 739 new listings in March, a 4.3% decrease compared to 772 new listings in March 2021.
The county had less than a month of inventory in March. That means it would take less than a month to sell all the available homes on the market.
Olsen anticipates inventory will improve heading into the summer. “We’ll start to see more homes come on the market now into June,” he said.
Although it will be tough, first-time homebuyers still have a shot at finding a home, Higgins said.
“I would tell them to make sure they get all their financing in place ... Over the last couple of years, it has been pretty difficult with multiple offers and cash speaks a lot,” he said. “Low- and moderate-income homebuyers are being squeezed like never before.”
Amy Edelen can be reached at (509) 459-5581 or at amye@spokesman.com.
Spokane’s median home price reached a record-breaking high of $429,998 in March.
JESSE TINSLEY/ THE SPOKESMAN-REVIEW
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KREM
In tonight's city council meeting, supporters of Jewels Helping Hands made their case for hundreds of tiny homes.
"Napoleon Dynamite," star Efren Ramirez talks about the cast coming to the Fox
SPOKANE, Wash. — The Spokane City Council needs another week to decide which organization will operate a new city shelter.
Tonight, supporters of Jewels Helping Hands made their case for hundreds of tiny homes.
Council members were not ready to award a contract tonight because the committee reviewing these non-profits has not made a recommendation. A lot of people who spoke tonight want the city to take a different approach.
They think tiny homes are the answer.
The Salvation Army and the Guardians Foundation have each submitted their own proposal to operate a homeless shelter along with Jewels Helping Hands. Only one organization will get the contract.
"Last June, the city closed 100 low barrier shelter beds and we had a law that says you are supposed to replace them immediately and we didn't and that's what evolved into Camp Hope 2, it was 100 people that could have been sheltered and of course it's turned into 300 people," Spokane City Council President Breean Beggs.
The new Camp Hope off I-90 and Freya is home to hundreds of tents. Jewels Helping Hands is asking the city for $1 million to buy more than 120 tiny homes, known as pallet shelters.They take less than an hour to set up.
Volunteers and supporters of Jewels Helping Hands want council members to fund their proposal, and $10 million for staffing, mental health and addiction treatment that would be located on site.
"Wouldn't it be nice to go into winter not wondering where they're going to go but actually how we're going to help them."
The new Camp Hope is on property owned by the Washington Department of Transportation. Council President Beggs says new laws give WSDOT the authority to lease the land to the city and low income housing projects at a reasonable price.
"The concept of having pallet housing as one of the tools, particularly why they are appealing is that there's certain that have a mental health condition that cannot be in a crowded room with 100 other people," Beggs said. "They just cannot be, so we have to have places for all people."
Council President Beggs is confident the council will be ready to vote and award a contract during next week's meeting.
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KHQ
Jewels Helping Hands is one of three organizations that has submitted an operations proposal for a new large homeless shelter in Spokane. The proposal partners with several local charities and organizations to provide a multi-faceted, comprehensive approach to help people get back on their feet and remain in a stable home.
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KXLY
City of Spokane eyes E. Trent property for new homeless shelter
Posted: April 12, 2022 12:06 PM by Erin Robinson
Copyright 4 News Now
SPOKANE, Wash. – The City of Spokane is looking at opening a new homeless shelter at a property on E. Trent Ave near N. Havana St.
4 News Now has obtained a document sent by the city to businesses in the area saying it will partner with a professional operator to open a night-by-night shelter at 4320 E. Trent.
The letter is signed by Mayor Nadine Woodward, City Administrator Johnnie Perkins, Neighborhood Housing and Human Services Director Eric Finch, as well as Councilmembers Michael Cathcart and Jonathan Bingle.
Homeless Shelter 4320 E Trent by Erin Robinson on Scribd
The city has been searching for a shelter location for months. Earlier this year, the city announced it was looking at a property near Rowan and Florida, but quickly scrapped plans following pushback from neighboring businesses.
“Rules and expectations of those using the space will be strictly enforced,” the letter states.
The city promised it would work with neighbors to develop a security plan onsite and build security coverage areas and timing based on neighborhood feedback.
The letter states the city plans to open the shelter this month with professional contract staff and security.