March 2024 was a Seller's market! The number of for sale listings was down 14% from one year earlier and up 115% from the previous month. The number of sold listings increased 32.6% year over year and increased 83.9% month over month. The number of under contract listings was up 62.5% compared to previous month and up 39.3% compared to previous year. The Months of Inventory based on Closed Sales was 0.8, down 34.4% from the previous year.
The Average Sold Price per Square Footage was down 1% compared to previous month and up 22.8% compared to last year. The Median Sold Price increased by 13.5% from last month. The Average Sold Price also increased by 9.2% 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, a decrease of 94.2% compared to previous year. The ratio of Sold Price vs. Original List Price was 106%, an increase of 10.4% compared to previous year.
It was a Seller's Market
Property Sales (Sold)
March property sales were 57, up 32.6% from 43 in March of 2023 and 83.9% higher than the 31 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month was lower by 7 units of 14%. 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 115% compared to the previous month.
Property Under Contract (Pended)
There was an increase of 62.5% in the pended properties in March, with 78 properties versus 48 last month. This month's pended property sales were 39.3% 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 March 2024 Average Sold Price per Square Footage of $668 was down 1% from $675 last month and up 22.8% from $544 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 2024 was 3, down 78.6% from 14 days last month and down 94.2% from 52 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 106% was up 3.9% % from last month and up from 10.4% % 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 2024, based on data available at the end of March 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 March was $2,084,000, up 2.1% from $2,041,000 in March of 2023 and down 35.6% from $3,235,000 last month.
The Average Sold Price was Appreciating*
The Average Sold Price in March was $1,799,000, up 16.1% from $1,549,000 in March of 2023 and up 9.2% from $1,647,000 last month.
The Median Sold Price was Appreciating*
The Median Sold Price in March was $1,652,000, up 20.6% from $1,370,000 in March of 2023 and up 13.5% from $1,455,000 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 2024 Months of Inventory based on Closed Sales of 0.8 was decreased by 34.4% compared to last year and up 31% compared to last month. March 2024 was Seller's market.
Months of Inventory based on Pended Sales
The March 2024 Months of Inventory based on Pended Sales of 0.6 was decreased by 33.6% compared to last year and up 48% compared to last month. March 2024 was Seller's market.
All reports are published April 2024, based on data available at the end of March 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 March 2024 Absorption Rate based on Closed Sales of 132.6 was increased by 54.2% compared to last year and down 14.5% compared to last month.
Absorption Rate based on Pended Sales
The March 2024 Absorption Rate based on Pended Sales of 181.4 was increased by 62% compared to last year and down 24.4% compared to last month.
All reports are published April 2024, based on data available at the end of March 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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