October 2024 was a Seller's market! The number of for sale listings was up 14.7% from one year earlier and down 24.5% from the previous month. The number of sold listings increased 31% year over year and increased 22.6% month over month. The number of under contract listings was up 40.3% compared to previous month and up 124.4% compared to previous year. The Months of Inventory based on Closed Sales was 1.5, down 17.1% from the previous year.
The Average Sold Price per Square Footage was down 0.5% compared to previous month and up 13.8% compared to last year. The Median Sold Price decreased by 6.2% from last month. The Average Sold Price also decreased 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 "Depreciating".
The Average Days on Market showed a upward trend, an increase of 13.3% compared to previous year. The ratio of Sold Price vs. Original List Price was 99%, an increase of 1% compared to previous year.
It was a Seller's Market
Property Sales (Sold)
October property sales were 76, up 31% from 58 in October of 2023 and 22.6% higher than the 62 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month was higher by 15 units of 14.7%. 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 24.5% compared to the previous month.
Property Under Contract (Pended)
There was an increase of 40.3% in the pended properties in October, with 101 properties versus 72 last month. This month's pended property sales were 124.4% 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 $784 was down 0.5% from $788 last month and up 13.8% from $689 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 17, up 30.8% from 13 days last month and up 13.3% from 15 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 99% was the same as 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 Depreciating*
The Average For Sale Price in October was $2,491,000, up 4.1% from $2,392,000 in October of 2023 and down 4.6% from $2,610,000 last month.
The Average Sold Price was Neutral*
The Average Sold Price in October was $1,847,000, up 10.3% from $1,675,000 in October of 2023 and down 6.2% from $1,969,000 last month.
The Median Sold Price was Depreciating*
The Median Sold Price in October was $1,478,000, up 9.5% from $1,350,000 in October of 2023 and down 6.2% from $1,575,000 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 1.5 was decreased by 17.1% compared to last year and down 40% 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 1.2 was decreased by 48.5% compared to last year and down 46.5% 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 65 was increased by 14.2% compared to last year and up 62.5% compared to last month.
Absorption Rate based on Pended Sales
The October 2024 Absorption Rate based on Pended Sales of 86.3 was increased by 95.7% compared to last year and up 85.7% 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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