February 2025 was a Seller's market! The number of for sale listings was up 125% from one year earlier and up 25% from the previous month. The number of sold listings increased 9.7% year over year and increased 54.5% month over month. The number of under contract listings was up 96.6% compared to previous month and up 21.3% compared to previous year. The Months of Inventory based on Closed Sales was 1.3, up 108.5% from the previous year.
The Average Sold Price per Square Footage was down 3.8% compared to previous month and up 2.2% compared to last year. The Median Sold Price increased by 3.1% from last month. The Average Sold Price also decreased by 0.1% 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 downward trend, a decrease of 21.4% compared to previous year. The ratio of Sold Price vs. Original List Price was 103%, 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 34, up 9.7% from 31 in February of 2024 and 54.5% higher than the 22 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month was higher by 25 units of 125%. 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 25% compared to the previous month.
Property Under Contract (Pended)
There was an increase of 96.6% in the pended properties in February, with 57 properties versus 29 last month. This month's pended property sales were 21.3% higher than at this time last year.
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 February 2025 Average Sold Price per Square Footage of $690 was down 3.8% from $717 last month and up 2.2% from $675 in February 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 February 2025 was 11, the same as last month and down 21.4% from 14 days in February 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 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 $1,769,000, down 45.3% from $3,235,000 in February of 2024 and down 28% from $2,457,000 last month.
The Average Sold Price was Neutral*
The Average Sold Price in February was $1,604,000, down 2.6% from $1,647,000 in February of 2024 and down 0.1% from $1,605,000 last month.
The Median Sold Price was Neutral*
The Median Sold Price in February was $1,474,000, up 1.3% from $1,455,000 in February of 2024 and up 3.1% from $1,430,000 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 1.3 was increased by 108.5% compared to last year and down 18.3% 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 0.8 was increased by 94% compared to last year and down 32.2% 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 75.6 was decreased by 51.2% compared to last year and up 23.7% compared to last month.
Absorption Rate based on Pended Sales
The February 2025 Absorption Rate based on Pended Sales of 126.7 was decreased by 46.1% compared to last year and up 57.2% 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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