March 2024 was a Seller's market! The number of for sale listings was down 40% from one year earlier and down 14.3% from the previous month. The number of sold listings was the same year over year. The number of under contract listings was up 100% compared to previous month and down 33.3% compared to previous year. The Months of Inventory based on Closed Sales was 1.5, down 40% from the previous year.
The Average Sold Price per Square Footage was 1,083 and down 20.1% compared to last year. The Median Sold Price was 4,569. The Average Sold Price was 4,841. 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 86.7% compared to previous year. The ratio of Sold Price vs. Original List Price was 98%, an increase of 2.1% compared to previous year.
It was a Seller's Market
Property Sales (Sold)
March property sales were 4, the same as in March of 2023.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month was lower by 4 units of 40%. 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 down 14.3% compared to the previous month.
Property Under Contract (Pended)
There was an increase of 100% in the pended properties in March, with 2 properties versus 1 last month. This month's pended property sales were 33.3% lower 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 $1,083.
* 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 4.
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 was 98% .
* 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 $7,878,000, up 45.5% from $5,416,000 in March of 2023 and up 19.4% from $6,599,000 last month.
The Average Sold Price was Neutral*
The Average Sold Price in March was $4,841,000, up 16.3% from $4,164,000 in March of 2023.
The Median Sold Price was Neutral*
The Median Sold Price in March was $4,569,000, up 8.5% from $4,213,000 in March of 2023.
* 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 1.5 was decreased by 40% compared to last year and down 78.6% 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 3 was decreased by 9% compared to last year and down 57.1% compared to last month. March 2024 was Neutral 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 66.7 was increased by 66.8% compared to last year and the same compared to last month.
Absorption Rate based on Pended Sales
The March 2024 Absorption Rate based on Pended Sales of 33.3 was increased by 11% compared to last year and up 133% 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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