February 2025 was a Seller's market! The number of for sale listings was up 39.3% from one year earlier and up 8% from the previous month. The number of sold listings decreased 1.7% year over year and increased 62.8% month over month. The number of under contract listings was up 26.3% compared to previous month and up 8.6% compared to previous year. The Months of Inventory based on Closed Sales was 1.6, up 34.7% from the previous year.
The Average Sold Price per Square Footage was up 2.7% compared to previous month and up 1.8% compared to last year. The Median Sold Price increased by 12.2% from last month. The Average Sold Price also increased by 0.8% 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 6.2% compared to previous year. The ratio of Sold Price vs. Original List Price was 102%, an increase of 1% compared to previous year.
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It was a Seller's Market
Property Sales (Sold)
February property sales were 469, down 1.7% from 477 in February of 2024 and 62.8% higher than the 288 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month was higher by 216 units of 39.3%. This year's bigger inventory means that buyers who waited to buy may have bigger selection to choose from. The number of current inventory was up 8% compared to the previous month.
Property Under Contract (Pended)
There was an increase of 26.3% in the pended properties in February, with 529 properties versus 419 last month. This month's pended property sales were 8.6% 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 2025 Average Sold Price per Square Footage of $574 was up 2.7% from $559 last month and up 1.8% from $564 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 2025 was 30, down 31.8% from 44 days last month and down 6.2% from 32 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 102% was up 5.2% % from last month and up from 1% % 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 2025, based on data available at the end of February 2025, 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 Depreciating*
The Average For Sale Price in February was $1,259,000, down 7.9% from $1,367,000 in February of 2024 and down 1.9% from $1,283,000 last month.
The Average Sold Price was Neutral*
The Average Sold Price in February was $1,097,000, down 2.8% from $1,129,000 in February of 2024 and up 0.8% from $1,088,000 last month.
The Median Sold Price was Neutral*
The Median Sold Price in February was $939,000, up 1% from $930,000 in February of 2024 and up 12.2% from $837,000 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 2025 Months of Inventory based on Closed Sales of 1.6 was increased by 34.7% compared to last year and down 36.6% compared to last month. February 2025 was Seller's market.
Months of Inventory based on Pended Sales
The February 2025 Months of Inventory based on Pended Sales of 1.4 was increased by 26.6% compared to last year and down 17.7% compared to last month. February 2025 was Seller's market.
All reports are published March 2025, based on data available at the end of February 2025, 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 2025 Absorption Rate based on Closed Sales of 61.2 was decreased by 29.4% compared to last year and up 50.7% compared to last month.
Absorption Rate based on Pended Sales
The February 2025 Absorption Rate based on Pended Sales of 69.1 was decreased by 21.9% compared to last year and up 16.9% compared to last month.
All reports are published March 2025, based on data available at the end of February 2025, 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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