Somerset, WA April 2025 Housing Market
Video edited on Kapwing
March 2025 was a Seller's market! The number of for sale listings was up 150% from one year earlier and up 66.7% from the previous month. The number of sold listings decreased 40% year over year and the same month over month. The number of under contract listings was up 250% compared to previous month and up 16.7% compared to previous year. The Months of Inventory based on Closed Sales was 1.7, up 325% from the previous year.
The Average Sold Price per Square Footage was up 25% compared to previous month and up 28.7% compared to last year. The Median Sold Price increased by 3.6% from last month. The Average Sold Price also increased by 9% 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, was the same compared to previous year. The ratio of Sold Price vs. Original List Price was 105%, an increase of 5% compared to previous year.
It was a Seller's Market
Property Sales (Sold)
March property sales were 3, down 40% from 5 in March of 2024 and the same as sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month was higher by 3 units of 150%. 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 66.7% compared to the previous month.
Property Under Contract (Pended)
There was an increase of 250% in the pended properties in March, with 7 properties versus 2 last month. This month's pended property sales were 16.7% higher than at this time last year.
All reports are published April 2025, based on data available at the end of March 2025, 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 March 2025 Average Sold Price per Square Footage of $889 was up 25% from $711 last month and up 28.7% from $691 in March 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 March 2025 was 5, up 25% from 4 days last month and the same as in March 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 105% was up 2.9% % from last month and up from 5% % in March of last year.
* Based on 6 month trend Upward/Downward/Neutral
** Based on 6 month trend – Rising/Falling/Remains Steady
All reports are published April 2025, based on data available at the end of March 2025, 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 March was $2,868,000, up 38.4% from $2,072,000 in March of 2024 and down 19.4% from $3,560,000 last month.
The Average Sold Price was Neutral*
The Average Sold Price in March was $2,260,000, up 2.8% from $2,199,000 in March of 2024 and up 9% from $2,073,000 last month.
The Median Sold Price was Neutral*
The Median Sold Price in March was $2,030,000, up 3.1% from $1,969,000 in March of 2024 and up 3.6% from $1,960,000 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 March 2025 Months of Inventory based on Closed Sales of 1.7 was increased by 325% compared to last year and up 70% compared to last month. March 2025 was Seller's market.
Months of Inventory based on Pended Sales
The March 2025 Months of Inventory based on Pended Sales of 0.7 was increased by 120% compared to last year and down 53.3% compared to last month. March 2025 was Seller's market.
All reports are published April 2025, based on data available at the end of March 2025, 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 2025 Absorption Rate based on Closed Sales of 60 was decreased by 76% compared to last year and down 40% compared to last month.
Absorption Rate based on Pended Sales
The March 2025 Absorption Rate based on Pended Sales of 140 was decreased by 53.3% compared to last year and up 109.9% compared to last month.
All reports are published April 2025, based on data available at the end of March 2025, 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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