March 2024 was a Seller's market! The number of for sale listings was down 20.2% from one year earlier and up 31.7% from the previous month. The number of sold listings increased 26% year over year and increased 64.3% month over month. The number of under contract listings was up 50% compared to previous month and up 35.2% compared to previous year. The Months of Inventory based on Closed Sales was 0.9, down 35.1% from the previous year.
The Average Sold Price per Square Footage was down 9.8% compared to previous month and up 11.9% compared to last year. The Median Sold Price increased by 0.7% from last month. The Average Sold Price also decreased by 8.8% 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 neutral trend, a decrease of 46.2% compared to previous year. The ratio of Sold Price vs. Original List Price was 101%, an increase of 4.1% compared to previous year.
It was a Seller's Market
Property Sales (Sold)
March property sales were 92, up 26% from 73 in March of 2023 and 64.3% higher than the 56 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month was lower by 21 units of 20.2%. 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 31.7% compared to the previous month.
Property Under Contract (Pended)
There was an increase of 50% in the pended properties in March, with 96 properties versus 64 last month. This month's pended property sales were 35.2% 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 $731 was down 9.8% from $810 last month and up 11.9% from $653 in March of last year.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
The Days on Market Showed Neutral 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 14, down 44% from 25 days last month and down 46.2% from 26 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 101% was up 1% % from last month and up from 4.1% % 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 $3,630,000, up 4.6% from $3,469,000 in March of 2023 and down 11.9% from $4,121,000 last month.
The Average Sold Price was Neutral*
The Average Sold Price in March was $2,179,000, up 8.7% from $2,004,000 in March of 2023 and down 8.8% from $2,388,000
last month.
The Median Sold Price was Neutral*
The Median Sold Price in March was $1,856,000, up 1.7% from $1,825,000 in March of 2023 and up 0.7% from $1,843,000
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
TThe March 2024 Months of Inventory based on Closed Sales of 0.9 was decreased by 35.1% compared to last year and down 17.8% 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 0.9 was decreased by 41% compared to last year and down 10.2% 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 110.8 was increased by 57.8% compared to last year and up 24.6% compared to last month.
Absorption Rate based on Pended Sales
The March 2024 Absorption Rate based on Pended Sales of 115.7 was increased by 69.4% compared to last year and up 13.9% compared to last month.
All reports are published March 2024, based on data available at the end of February 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.
