It was a Seller's Market

Property Sales (Sold)
March property sales were 52, down 32.5% from 77 in March of 2023 and 33.3% higher than the 39 sales last month.

Current Inventory (For Sale)
Versus last year, the total number of properties available this month was lower by 16 units of 32%. 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 8.1% compared to the previous month.

Property Under Contract (Pended)
There was an increase of 23.4% in the pended properties in March, with 79 properties versus 64 last month. This month's pended property sales were 33.9% higher than at this time last year.

The Average Sold Price per Square Footagewas 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 2024 Average Sold Price per Square Footage of $452 was up 0.2% from $451 last month and up 12.4% from $402 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 2024 was 16, up 23.1% from 13 days last month and down 62.8% from 43 days in March 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 104% was up 1% % from last month and up from 6.1% % 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 2024, based on data available at the end of March 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 March was $1,058,000, up 18.6% from $892,000 in March of 2023 and up 2.9% from $1,028,000 last month.

The Average Sold Price was Appreciating*
The Average Sold Price in March was $919,000, up 9.9% from $836,000 in March of 2023 and up 7.1% from $858,000 last month.

The Median Sold Price was Appreciating*
The Median Sold Price in March was $808,000, down 1.5% from $820,000 in March of 2023 and up 1% from $800,000 last month.

* Based on 6 month trend – Appreciating/Depreciating/Neutral

All reports are published April 2024, based on data available at the end of March 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.