October 2024 was a Seller's market! The number of for sale listings was up 38.5% from one year earlier and down 11.1% from the previous month. The number of sold listings increased 6.9% year over year and increased 24% month over month. The number of under contract listings was up 73.3% compared to previous month and up 85.7% compared to previous year. The Months of Inventory based on Closed Sales was 2.3, up 27.9% from the previous year.
The Average Sold Price per Square Footage was up 6.2% compared to previous month and up 7.2% compared to last year. The Median Sold Price increased by 6.7% from last month. The Average Sold Price also increased by 11% 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 9.5% 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 31, up 6.9% from 29 in October of 2023 and 24% higher than the 25 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month was higher by 20 units of 38.5%. This year's bigger inventory means that buyers who waited to buy may have bigger selection to choose from. The number of current inventory was down 11.1% compared to the previous month.
Property Under Contract (Pended)
There was an increase of 73.3% in the pended properties in October, with 52 properties versus 30 last month. This month's pended property sales were 85.7% 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 October 2024 Average Sold Price per Square Footage of $549 was up 6.2% from $517 last month and up 7.2% from $512 in October 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 October 2024 was 19, down 26.9% from 26 days last month and down 9.5% from 21 days in October of last year.
The Sold/Original List Price Ratio Remains Steady**
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 up 3.2% % 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 Neutral*
The Average For Sale Price in October was $2,565,000, up 34.6% from $1,905,000 in October of 2023 and up 10.8% from $2,316,000 last month.
The Average Sold Price was Neutral*
The Average Sold Price in October was $1,760,000, up 21.9% from $1,444,000 in October of 2023 and up 11% from $1,586,000 last month.
The Median Sold Price was Neutral*
The Median Sold Price in October was $1,585,000, up 22.4% from $1,295,000 in October of 2023 and up 6.7% from $1,485,000 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 2.3 was increased by 27.9% compared to last year and down 27.8% 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 1.4 was decreased by 26.9% compared to last year and down 48.1% 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 43.1 was decreased by 22.8% compared to last year and up 39.5% compared to last month.
Absorption Rate based on Pended Sales
The October 2024 Absorption Rate based on Pended Sales of 72.2 was increased by 34.2% compared to last year and up 95% 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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