October 2024 was a Seller's market! The number of for sale listings was down 35.7% from one year earlier and down 49.4% from the previous month. The number of sold listings increased 57.8% year over year and increased 24.6% month over month. The number of under contract listings was the same compared to previous month and up 1.9% compared to previous year. The Months of Inventory based on Closed Sales was 0.6, down 64.3% from the previous year.
The Average Sold Price per Square Footage was down 5.8% compared to previous month and up 3.7% compared to last year. The Median Sold Price increased by 4.5% from last month. The Average Sold Price also decreased by 2.8% from last month. Based on the 6 month trend, the Average Sold Price trend was "Depreciating" and the Median Sold Price trend was "Neutral".
The Average Days on Market showed a upward trend, a decrease of 27.3% compared to previous year. The ratio of Sold Price vs. Original List Price was 98%, an increase of 1% compared to previous year.
It was a Seller's Market
Property Sales (Sold)
October property sales were 71, up 57.8% from 45 in October of 2023 and 24.6% higher than the 57 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month was lower by 25 units of 35.7%. 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 49.4% compared to the previous month.
Property Under Contract (Pended)
There was the same number of pended properties in October, 54 properties. This month's pended property sales were 1.9% higher than at this time last year.
The Average Sold Price per Square Footage was Depreciating*
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 October 2024 Average Sold Price per Square Footage of $614 was down 5.8% from $652 last month and up 3.7% from $592 in October of last year.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
The Days on Market Showed Upward 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 October 2024 was 24, up 84.6% from 13 days last month and down 27.3% from 33 days in October of last year.
The Sold/Original List Price Ratio was Falling**
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 98% was down 1% % from last month and up from 1% % in October of last year.
* Based on 6 month trend – Upward/Downward/Neutral
** Based on 6 month trend – Rising/Falling/Remains Steady
All reports are published November 2024, based on data available at the end of October 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 October was $2,885,000, up 11.2% from $2,595,000 in October of 2023 and up 17.1% from $2,464,000 last month.
The Average Sold Price was Depreciating*
The Average Sold Price in October was $1,841,000, down 2.6% from $1,891,000 in October of 2023 and down 2.8% from $1,894,000 last month.
The Median Sold Price was Neutral*
The Median Sold Price in October was $1,725,000, up 0.3% from $1,720,000 in October of 2023 and up 4.5% from $1,650,000 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 October 2024 Months of Inventory based on Closed Sales of 0.6 was decreased by 64.3% compared to last year and down 64% compared to last month. October 2024 was Seller's market.
Months of Inventory based on Pended Sales
The October 2024 Months of Inventory based on Pended Sales of 0.8 was decreased by 37.9% compared to last year and down 48.5% compared to last month. October 2024 was Seller's market.
All reports are published November 2024, based on data available at the end of October 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 October 2024 Absorption Rate based on Closed Sales of 157.8 was increased by 145.4% compared to last year and up 146.5% compared to last month.
Absorption Rate based on Pended Sales
The October 2024 Absorption Rate based on Pended Sales of 120 was increased by 58.5% compared to last year and up 97.7% compared to last month.
All reports are published November 2024, based on data available at the end of October 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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