October 2024 was a Seller's market! The number of for sale listings was down 50% from one year earlier and down 42.9% from the previous month. The number of sold listings increased 25% year over year and increased 42.9% month over month. The number of under contract listings was up 100% compared to previous month and up 100% compared to previous year. The Months of Inventory based on Closed Sales was 0.4, down 60% from the previous year.
The Average Sold Price per Square Footage was down 5.1% compared to previous month and up 0.5% compared to last year. The Median Sold Price increased by 5.2% 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, a decrease of 66.7% compared to previous year. The ratio of Sold Price vs. Original List Price was 101%, an increase of 2% compared to previous year.
It was a Seller's Market
Property Sales (Sold)
October property sales were 10, up 25% from 8 in October of 2023 and 42.9% higher than the 7 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month was lower by 4 units of 50%. 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 42.9% compared to the previous month.
Property Under Contract (Pended)
There was an increase of 100% in the pended properties in October, with 10 properties versus 5 last month. This month's pended property sales were 100% higher than at this time last year.
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 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 $658 was down 5.1% from $693 last month and up 0.5% from $655 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 7, down 50% from 14 days last month and down 66.7% from 21 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 101% was the same as last month and up from 2% % 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 $2,384,000, down 12.7% from $2,732,000 in October of 2023 and down 2.7% from $2,449,000 last month.
The Average Sold Price was Neutral*
The Average Sold Price in October was $2,240,000, up 26.1% from $1,777,000 in October of 2023 and up 9% from $2,055,000 last month.
The Median Sold Price was Neutral*
The Median Sold Price in October was $2,139,000, up 31% from $1,633,000 in October of 2023 and up 5.2% from $2,034,000 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 0.4 was decreased by 60% compared to last year and down 60% 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 0.4 was decreased by 75% compared to last year and down 71.4% 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 250 was increased by 150% compared to last year and up 150% compared to last month.
Absorption Rate based on Pended Sales
The October 2024 Absorption Rate based on Pended Sales of 250 was increased by 300% compared to last year and up 250% 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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