March 2024 was a Seller's market! The number of for sale listings was down 31.2% from one year earlier and up 22.2% from the previous month. The number of sold listings increased 40% year over year and increased 100% month over month. The number of under contract listings was up 50% compared to previous month and up 110% compared to previous year. The Months of Inventory based on Closed Sales was 0.8, down 50% from the previous year.
The Average Sold Price per Square Footage was up 17.2% compared to previous month and up 11.7% compared to last year. The Median Sold Price decreased by 2.3% from last month. The Average Sold Price also increased by 6.2% 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 83% compared to previous year. The ratio of Sold Price vs. Original List Price was 104%, an increase of 14.3% compared to previous year.
It was a Seller's Market
Property Sales (Sold)
March property sales were 14, up 40% from 10 in March of 2023 and 100% higher than the 7 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month was lower by 5 units of 31.2%. 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 22.2% compared to the previous month.
Property Under Contract (Pended)
There was an increase of 50% in the pended properties in March, with 21 properties versus 14 last month. This month's pended property sales were 110% 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 $565 was up 17.2% from $482 last month and up 11.7% from $506 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 16, the same as last month and down 83% from 94 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 104% was up 5.1% % from last month and up from 14.3% % 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 Appreciating*
The Average For Sale Price in March was $2,011,000, down 1.1% from $2,034,000 in March of 2023 and up 2.1% from $1,969,000 last month.
The Average Sold Price was Neutral*
The Average Sold Price in March was $1,740,000, up 3.6% from $1,679,000 in March of 2023 and up 6.2% from $1,639,000 last month.
The Median Sold Price was Neutral*
The Median Sold Price in March was $1,730,000, up 10% from $1,573,000 in March of 2023 and down 2.3% from $1,770,000 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 50% compared to last year and down 38.9% 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 0.5 was decreased by 68.7% compared to last year and down 15.6% 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 127.3 was increased by 103.7% compared to last year and up 63.6% compared to last month.
Absorption Rate based on Pended Sales
The March 2024 Absorption Rate based on Pended Sales of 190.9 was increased by 205.4% compared to last year and up 22.7% 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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