Redmond, WA April 2025 Housing Market
March 2025 was a Seller's market! The number of for sale listings was up 46.5% from one year earlier and up 40% from the previous month. The number of sold listings increased 5.4% year over year and increased 63.9% month over month. The number of under contract listings was up 62.7% compared to previous month and up 23.9% compared to previous year. The Months of Inventory based on Closed Sales was 1.1, up 39.1% from the previous year.
The Average Sold Price per Square Footage was down 1.2% compared to previous month and up 2.2% compared to last year. The Median Sold Price increased by 6.7% from last month. The Average Sold Price also increased by 11.9% from last month. Based on the 6 month trend, the Average Sold Price trend was "Appreciating" and the Median Sold Price trend was "Appreciating".
The Average Days on Market showed a downward trend, an increase of 133.3% compared to previous year. The ratio of Sold Price vs. Original List Price was 103%, a decrease of 2.8% compared to previous year.
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It was a Seller's Market
Property Sales (Sold)
March property sales were 59, up 5.4% from 56 in March of 2024 and 63.9% higher than the 36 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month was higher by 20 units of 46.5%. 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 40% compared to the previous month.
Property Under Contract (Pended)
There was an increase of 62.7% in the pended properties in March, with 83 properties versus 51 last month. This month's pended property sales were 23.9% higher than at this time last year.
All reports are published April 2025, based on data available at the end of March 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 Sold Price per Square Footage was Neutral*
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 March 2025 Average Sold Price per Square Footage of $682 was down 1.2% from $690 last month and up 2.2% from $667 in March of last year.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
The Days on Market Showed Downward 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 March 2025 was 7, down 30% from 10 days last month and up 133.3% from 3 days in March of last year.
The Sold/Original List Price Ratio was Rising**
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 103% was the same as last month and down from 2.8% % in March of last year.
* Based on 6 month trend –Upward/Downward/Neutral
** Based on 6 month trend – Rising/Falling/Remains Steady
All reports are published April 2025, based on data available at the end of March 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 Neutral*
The Average For Sale Price in March was $2,024,000, down 2.9% from $2,084,000 in March of 2024 and up 14.4% from $1,769,000 last month.
The Average Sold Price was Appreciating*
The Average Sold Price in March was $1,823,000, up 1.1% from $1,803,000 in March of 2024 and up 11.9% from $1,629,000 last month.
The Median Sold Price was Appreciating*
The Median Sold Price in March was $1,615,000, down 2.5% from $1,657,000 in March of 2024 and up 6.7% from $1,514,000 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 March 2025 Months of Inventory based on Closed Sales of 1.1 was increased by 39.1% compared to last year and down 16% compared to last month. March 2025 was Seller's market.
Months of Inventory based on Pended Sales
The March 2025 Months of Inventory based on Pended Sales of 0.8 was increased by 31.2% compared to last year and down 11.3% compared to last month. March 2025 was Seller's market.
All reports are published April 2025, based on data available at the end of March 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 March 2025 Absorption Rate based on Closed Sales of 93.7 was decreased by 28% compared to last year and up 17.1% compared to last month.
Absorption Rate based on Pended Sales
The March 2025 Absorption Rate based on Pended Sales of 131.7 was decreased by 15.5% compared to last year and up 16.2% compared to last month.
All reports are published April 2025, based on data available at the end of March 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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