October 2024 was a Seller's market! The number of for sale listings was up 26.2% from one year earlier and down 10.4% from the previous month. The number of sold listings increased 37.5% year over year and increased 41.3% month over month. The number of under contract listings was up 1% compared to previous month and up 42.4% compared to previous year. The Months of Inventory based on Closed Sales was 1.8, down 5.1% from the previous year.
The Average Sold Price per Square Footage was down 5.1% compared to previous month and up 2.7% compared to last year. The Median Sold Price increased by 2.7% from last month. The Average Sold Price also decreased by 3.1% from last month. Based on the 6 month trend, the Average Sold Price trend was "Depreciating" and the Median Sold Price trend was "Neutral".
The Average Days on Market showed a upward trend, an increase of 9.1% compared to previous year. The ratio of Sold Price vs. Original List Price was 100%, was the same compared to previous year.
It was a Seller's Market
Property Sales (Sold)
October property sales were 653, up 37.5% from 475 in October of 2023 and 41.3% higher than the 462 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month was higher by 243 units of 26.2%. 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 down 10.4% compared to the previous month.
Property Under Contract (Pended)
There was an increase of 1% in the pended properties in October, with 601 properties versus 595 last month. This month's pended property sales were 42.4% higher than at this time last year.
The Average Sold Price per Square Footage was Depreciating*
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 October 2024 Average Sold Price per Square Footage of $535 was down 5.1% from $564 last month and up 2.7% from $521 in October of last year.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
The Days on Market Showed Upward 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 October 2024 was 24, the same as last month and up 9.1% from 22 days in October 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 100% was up 1% % from last month and the same as in October of last year.
* Based on 6 month trend – Upward/Downward/Neutral
** Based on 6 month trend – Rising/Falling/Remains Steady
All reports are published November 2024, based on data available at the end of October 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 Neutral*
The Average For Sale Price in October was $1,341,000, up 3.6% from $1,294,000 in October of 2023 and up 1.1% from $1,326,000 last month.
The Average Sold Price was Depreciating*
The Average Sold Price in October was $1,112,000, up 8.5% from $1,025,000 in October of 2023 and down 3.1% from $1,147,000 last month.
The Median Sold Price was Neutral*
The Median Sold Price in October was $953,000, up 8.3% from $880,000 in October of 2023 and up 2.7% from $928,000 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 October 2024 Months of Inventory based on Closed Sales of 1.8 was decreased by 5.1% compared to last year and down 35.4% compared to last month. October 2024 was Seller's market.
Months of Inventory based on Pended Sales
The October 2024 Months of Inventory based on Pended Sales of 1.9 was decreased by 13.7% compared to last year and down 13.7% compared to last month. October 2024 was Seller's market.
All reports are published November 2024, based on data available at the end of October 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 October 2024 Absorption Rate based on Closed Sales of 55.9 was increased by 9% compared to last year and up 57.9% compared to last month.
Absorption Rate based on Pended Sales
The October 2024 Absorption Rate based on Pended Sales of 51.4 was increased by 12.7% compared to last year and up 12.7% compared to last month.
All reports are published November 2024, based on data available at the end of October 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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