March 2024 was a Seller's market! The number of for sale listings was down 2% from one year earlier and up 22.2% from the previous month. The number of sold listings increased 0.2% year over year and increased 14.4% month over month. The number of under contract listings was up 22.9% compared to previous month and up 10.2% compared to previous year. The Months of Inventory based on Closed Sales was 1.2, down 7.9% from the previous year.
The Average Sold Price per Square Footage was up 1.8% compared to previous month and up 4% compared to last year. The Median Sold Price decreased by 0.5% from last month. The Average Sold Price also decreased by 0.5% from last month. Based on the 6 month trend, the Average Sold Price trend was "Neutral" and the Median Sold Price trend was "Neutral".
The Average Days on Market showed a neutral trend, a decrease of 13.8% compared to previous year. The ratio of Sold Price vs. Original List Price was 101%, an increase of 2% compared to previous year.
It was a Seller's Market
Property Sales (Sold)
March property sales were 541, up 0.2% from 540 in March of 2023 and 14.4% higher than the 473 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month was lower by 14 units of 2%. This year's smaller inventory means that buyers who waited to buy may have smaller selection to choose from. The number of current inventory was up 22.2% compared to the previous month.
Property Under Contract (Pended)
There was an increase of 22.9% in the pended properties in March, with 607 properties versus 494 last month. This month's pended property sales were 10.2% higher than at this time last year.
The Average Sold Price per Square Footage was Appreciating*
The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the 'mix' of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The February 2024 Average Sold Price per Square Footage of $566 was up 4.6% from $541 last month and up 11.6% from $507 in February of last year.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
The Days on Market Showed Neutral Trend*
The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for February 2024 was 33, down 13.2% from 38 days last month and down 5.7% from 35 days in February of last year.
The Sold/Original List Price Ratio Remains Steady**
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 101% was up 3.1% % from last month and up from 2% % in February of last year.
* Based on 6 month trend – Upward/Downward/Neutral
** Based on 6 month trend – Rising/Falling/Remains Steady
All reports are published March 2024, based on data available at the end of February 2024, except for the today’s stats. Information and statistics derived from Northwest Multiple Listing Service. Neither the Board or its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Board or its MLS may not reflect all real estate activity in the market. Report reflects activity by all brokers participated in the MLS
The Average For Sale Price was Appreciating*
The Average For Sale Price in February was $1,367,000, up 2% from $1,340,000 in February of 2023 and up 1.4% from $1,348,000 last month.
The Average Sold Price was Appreciating*
The Average Sold Price in February was $1,125,000, up 23.1% from $914,000 in February of 2023 and up 8% from $1,042,000 last month.
The Median Sold Price was Neutral*
The Median Sold Price in February was $927,000, up 15.9% from $800,000 in February of 2023 and up 10.6% from $838,000 last month.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
It was a Seller's Market*
A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers.
*Buyer’s market: more than 6 months of inventory
Seller’s market: less than 3 months of inventory
Neutral market: 3 – 6 months of inventory
Months of Inventory based on Closed Sales
The February 2024 Months of Inventory based on Closed Sales of 1.2 was decreased by 7.7% compared to last year and down 33.5% compared to last month. February 2024 was Seller's market.
Months of Inventory based on Pended Sales
The February 2024 Months of Inventory based on Pended Sales of 1 was decreased by 23.2% compared to last year and down 16.4% compared to last month. February 2024 was Seller's market.
All reports are published March 2024, based on data available at the end of February 2024, except for the today’s stats. Information and statistics derived from Northwest Multiple Listing Service. Neither the Board or its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Board or its MLS may not reflect all real estate activity in the market. Report reflects activity by all brokers participated in the MLS.
It was a Seller's Market*
Absorption Rate measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed each month.
*Buyer’s market: 16.67% and below
Seller’s market: 33.33% and above
Neutral market: 16.67% - 33.33%
Absorption Rate based on Closed Sales
The February 2024 Absorption Rate based on Closed Sales of 85.1 was increased by 11.1% compared to last year and up 52.5% compared to last month.
Absorption Rate based on Pended Sales
The February 2024 Absorption Rate based on Pended Sales of 97.6 was increased by 26.1% compared to last year and up 19.2% compared to last month.
All reports are published March 2024, based on data available at the end of February 2024, except for the today’s stats. Information and statistics derived from Northwest Multiple Listing Service. Neither the Board or its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Board or its MLS may not reflect all real estate activity in the market. Report reflects activity by all brokers participated in the MLS.
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