Spokane Multi Family Sales Market Surged 150% in March, Cool in April

What I'm Seeing in the Market

As I'm running proformas for current clients, there are trends I am seeing in the Spokane Multi Family Sales Market. Most significantly, the amount of properties hitting the market is far outpacing the sales.  The softening of the market, is providing opportunities for the patient investor.  For example, I ran numbers on a 4 unit in North Spokane, and the 3 of the 5 sold comparables sold at less than 90% of the asking price. Sellers taking significantly less than asking price is an indication of a softening market. 

March Duplex Sales Surge

The year began with a period of early stability where January and February 2026 each maintained a consistent baseline of 7 units closed.

This stability vanished in March. Sales volume skyrocketed to 18 units, representing a nearly 150% increase in a single month. While this surge was a dramatic outlier for the young year, it is significant to note that it remained just below the peak of 21 units recorded in February 2025.

March 2026 saw a notable sales volume of 18 units, a substantial increase over earlier months but below the previous high.

April Duplex Sales Flatten

Following the heat of the March surge, the duplex market experienced an immediate correction. Sales volume retreated from 18 units in March to 10 units in April 2026.

This adjustment represents a 44% contraction from the previous month’s peak. In the eyes of an analyst, this is the market returning to a more moderate level after a rapid expansion. Such single-month adjustments are common when a high concentration of closings temporarily exhausts the immediate buyer pool or available inventory.

Late Quarter Multi-Family Sales Surge

When we pivot to the Multi-Family Sales Performance, we see a trend of significant variance, specifically a tendency for sales to peak in the late quarters of the year. The most intense example of this was the transition from November 2025 (13 units) to the massive surge in December 2025 (29 units).

Last December peak represents the highest single data point across all provided years and categories. From my experience, this year-end increase is driven by investors rushing to meet year end tax incentives or 1031 exchange deadlines. 

Year-Over-Year Resilience: 2024 vs. 2025 vs. 2026

While individual months fluctuate, the broader trajectory shows a market that has scaled significantly. 2025 generally outperformed 2024 in the multi-family sector; for example, July 2024 saw 11 units sold, while July 2025 doubled that performance with 22 units.

Even though 2026 started lower than the record-breaking peaks of late 2025, it maintains a steady, comparable baseline to previous growth years. The following range markers highlight the market's evolving floor and ceiling:

• 2024 Duplex Range: Fluctuated from a low of 3 units (January) to a high of 17 units (October).

• 2025 Multi-Family Range: Seen in the dramatic swing between 13 units (November) and the record-high 29 units (December).

• 2024 Multi-Family Range: Established an early baseline of 6 units (January) before climbing to a peak of 20 units (November).

My Outlook for the Rest of 2026

I am coaching my clients to expect a continued softening of the market as Spokane multi family inventory outpaces sales and sellers receiving significantly less than asking price. Recently passed legislation in Washington is souring many landlord's outlook about continuing in investing into Spokane Multi Family real estate. Sellers should expect to sell at a 7%+ CAP for investments with minimal deferred maintenance and 8+ CAP if in a low demand area.