February 2024 was a Seller's market! The number of for sale listings was up 9.4% from one year earlier and up 3.6% from the previous month. The number of sold listings increased 11.1% year over year and increased 28.2% month over month. The number of under contract listings was up 64.8% compared to previous month and up 74.5% compared to previous year. The Months of Inventory based on Closed Sales was 1.2, the same as
the previous year.


The Average Sold Price per Square Footage was up 24.5% compared to previous month and up 31.7% compared to last year. The Median Sold Price increased by 32.2% from last month. The Average Sold Price also increased by 48.3% from last month. Based on the 6 month trend, the Average Sold Price trend was "Appreciating" and the Median Sold Price trend was "Neutral".

The Average Days on Market showed a neutral trend, a decrease of 48.3% compared to previous year. The ratio of Sold Price vs. Original List Price was 102%, an increase of 7.4% compared to previous year. 


It was a Seller's Market 

Property Sales (Sold)
February property sales were 50, up 11.1% from 45 in February of 2023 and 28.2% higher than the 39 sales last month.

Current Inventory (For Sale)
Versus last year, the total number of properties available this month was higher by 5 units of 9.4%. 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 up 3.6% compared to the previous month.

Property Under Contract (Pended)
There was an increase of 64.8% in the pended properties in February, with 89 properties versus 54 last month. This month's pended property sales were 74.5% higher than at this time last year.

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.

The Average Sold Price per Square Footage was Appreciating*

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 February 2024 Average Sold Price per Square Footage of $797 was up 24.5% from $640 last month and up 31.7% from $605 in February 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 February 2024 was 15, down 53.1% from 32 days last month and down 48.3% from 29 days in February 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 102% was up 4.1% % from last month and up from 7.4% % in February of last year.

* Based on 6 month trend – Upward/Downward/Neutral
** Based on 6 month trend – Rising/Falling/Remains Steady
 

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.

The Average For Sale Price was Neutral*
The Average For Sale Price in February was $2,643,000, down 8.1%
from $2,876,000 in February of 2023 and down 3.5% from
$2,738,000 last month.

The Average Sold Price was Appreciating*
The Average Sold Price in February was $2,233,000, up 56.7%
from $1,425,000 in February of 2023 and up 48.3% from
$1,506,000 last month.


The Median Sold Price was Neutral*
The Median Sold Price in February was $1,620,000, up 29.6%
from $1,250,000 in February of 2023 and up 32.2% from
$1,225,000 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 February 2024 Months of Inventory based on Closed Sales of 1.2 was the same compared to last year and down 13.9% compared to last month. February 2024 was Seller's market.

Months of Inventory based on Pended Sales

The February 2024 Months of Inventory based on Pended Sales of 0.7 was decreased by 28.9% compared to last year and down 28.9% compared to last month. February 2024 was Seller's market.

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.

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 February 2024 Absorption Rate based on Closed Sales of 86.2 was increased by 1.5% compared to last year and up 23.8% compared to last month.

Absorption Rate based on Pended Sales
The February 2024 Absorption Rate based on Pended Sales of 153.4 was increased by 59.4% compared to last year and up 59.1% 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.


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