This week’s update on the real estate market is full of information that will be interesting to both people who want to buy or sell a home and people who own rental properties. In other words, everyone has something to do with buying and selling real estate. The current state of the market includes a significant quantity of movable assets, which indicates that things are unquestionably starting to pick up pace! Let’s get started!
Running Seven-Day Average
As its name suggests, the seven-day moving average illustrates the market’s movement over the previous seven days. It provides information on recent events, is a fantastic indicator of short-term trends, and recognizes environmental shifts before annual reports do. The weekly average as of January 26 is displayed below.
New Listing — 661
Listing Sold — 573
Listing Pending — 1322
Back on The Market — 120
List Price Reduced — 489
Listing Expired — 51
List price Increased — 71
Contingent — 42
Listing Cancelled — 137
From the data presented above, we learn that a total of 661 homes were added to the market, 1322 were placed under contract, and a total of 573 were ultimately sold. If you believe our real estate housing market is going to continue to decline, you are mistaken.
We have been steadily reducing stock levels since last October. The rate at which houses transition from the “active” to the “pended” status has been dropping, which is in part seasonal but nonetheless indicative of an exceptionally fascinating period.
In fact, some news sources say that there are once again multiple offers on homes in the Seattle real estate area. Indeed, this is typically the case with reasonably priced houses.
Compared To The Previous Month
The following is a brief comparison of the numbers from the previous week to those from the previous month:
- The average number of homes for sale is down by 15.4%.
- There are 34.3% more new listings.
- 38.5% fewer listings are being sold.
- There were 26.5% more homes under contract.
Compared to the numbers from the previous month, the overall picture could use some improvement; however, given that it has only been a week, this is to be expected.
Compared To January 2022
It’s time to compare the real estate data from this week to the same period from the previous year, and the results look promising for this year!
- The median number of houses on the market has increased by 169.9 percent.
- New listings are down by 12.4%.
- The number of listings sold is down by 38.4%.
- There are 3.8% more homes under contract.
If you’re on the fence about something, you should just do it. Now is the best time to buy or sell a luxury real estate property in the WA area.
Compared to Last Year
When we compared the numbers for January 2023 to those for January 2022, we discovered the following:
- The median number of houses on the market has increased by 169.9 percent.
- New listings are down by 12.4%.
- The number of listings sold is down by 38.4%.
- There are 3.8% more homes under contract.
These sums will undergo some kind of change as the month goes on.
Pending Home Sales Improve As More Buyers Return
As more buyers enter the market, the housing market is gradually beginning to show signs of improvement. The total number of home sales that are still in the “pending” stage is 3.8% higher than it was last year. Even though there are still a lot of houses on the market, this shows that more and more people want to buy a home.
A big reason for this progress is that more people are now buying and selling on the market again. Also, many people who want to buy a home have decided to wait until they find the perfect place to live before buying one, rather than buying one quickly. This pattern is very likely to persist for as long as interest rates remain at their current level of approximately 6.5% or lower.
Ending Remarks
We are able to draw the conclusion that the real estate market is maintaining its upward trend while also moving toward a more balanced state. As the market continues to improve, now is the time for buyers and sellers to take action in order to take advantage of the situation. Make sure to get in touch with us so that we can keep you informed and offer guidance on what steps to take next.
