Is Otis Orchards, WA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Otis Orchards has remained a Seller's Market.
Key Takeaway
Otis Orchards is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Otis Orchards, WA
How much do homes in Otis Orchards, WA cost?
Median Sold Price
$620,000
$237/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Otis Orchards have sold for 31.9% more than they did a year ago.
Summary: The median home sold price in Otis Orchards was $620,000 in May 2024, up 31.9% from last year, and the median price per square foot was $237.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $367.4K | $330K | -10.2% |
| 3 Bedrooms | $430K | $415K | -3.5% |
| 4 Bedrooms | $500K | $631K | +26.2% |
| 5+ Bedrooms | $855K | $690K | -19.3% |
Summary: Otis Orchards housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 10.2%, 3 bedroom homes decreased by 3.5%, 4 bedroom homes increased by 26.2%, and 5+ bedroom homes decreased by 19.3%.
Median Sold Price Compared To Nearby Cities
| Otis Orchards | $470K | $620K | +31.9% |
| Mount Spokane | $616.2K | $660K | +7.1% |
| Spokane Valley | $411K | $418K | +1.7% |
| Newman Lake | $500K | $477.5K | -4.5% |
| Greenacres | $549.6K | $495.2K | -9.9% |
Housing Supply in Otis Orchards, WA
How many homes are available in Otis Orchards, WA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 26 | 23 | -11.5% |
Summary: The Otis Orchards real estate market had 23 homes for sale in May 2024, a 11.5% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 3 | 2 | -33.3% |
| 4 Bedrooms | 10 | 10 | 0.0% |
| 5+ Bedrooms | 13 | 11 | -15.4% |
Summary: The Otis Orchards housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 33.3%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 15.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 15 | 7 | -53.3% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
3 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Otis Orchards, expect to pay close to the asking price. 42.9% of homes here sold near the asking price last month.
Summary: A total of 7 homes were sold or pending in Otis Orchards in May 2024, down by 53.3% month-over-month. Of the 7 sold homes, 14% were sold under asking, 43% were sold at asking, and 43% were sold over asking.
Days on Market for Otis Orchards, WA
How long does it take to sell a home in Otis Orchards, WA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 22 Days | 7 Days | -68.4% |
Summary: Homes in Otis Orchards had an average of 7 days on market in May 2024, down by 68.4% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Otis Orchards are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 7 homes were sold in Otis Orchards; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Listings courtesy of Spokane Association of REALTORS® MLS as distributed by MLS GRID.
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Northwest MLS IDX. Real estate listings held by other brokerage firms are marked with the green "three trees" logo and includes the name of the listing broker(s). Copyright © 2024 Northwest MLS. All rights reserved.