Running Seven-Day Average
As its name suggests, the seven-day average shows the market trend for the past seven days. It tells about recent events, is an excellent short-term indicator, and picks up on trends before annual reports do. Here is the average of the last seven days as of January 06.
Keep in mind that 148 homes are back on the market. If you want to buy a home, this is a great chance. You must realize that these sellers have lost customers somehow, which is never a good feeling. You can use them to negotiate a better price on their house if you play your cards right.
■ New Listing 640 ■ Listing Sold 494 ■ Listing Pending 698 ■ Back on The Market 148 ■ List Price Reduced 476 ■ Listing Expired 330 ■ List price Increased 23 ■ Contingent 17 ■ Listing Cancelled 128
Compared To The Previous Month
In the first week of January, real estate numbers are in, showing a slight decrease compared to December 2022. Here’s a quick rundown of the August numbers compared to July:
■ The average number of homes for sale is down by 20.2%.
■ New listings are down by 5.4%.
■ The number of homes under contract was up 14.7%.
■ The number of listings sold was up by 50.1%.
Overall, the numbers could be better compared to the previous month. However, that should be expected since it has only been seven days.
Compared To January 2022
It’s time to look at the real estate numbers for the first week of January and see how they compare to the same month last year. And this year, the numbers are looking good!
■ The average number of homes for sale is up by 192.3%.
■ New listings are up by 48.5%.
■ The number of listings sold is down by 50%.
■ The number of homes under contract is up 23.9%.
Now is a fantastic time to buy or sell a house this time. Anyone still on the fence should take the plunge.
Compared to Last Year
When we compared January 2023 to the numbers from January 2022. Here’s what we found:
■ The average number of homes for sale is up by 192.3%.
■ New listings are up by 48.5%.
■ The number of listings sold is down by 50%.
■ The number of homes under contract is up 23.9%.
Reminder: These stats will change as the month goes on!
Why Will This Year Be Neutral/Boring?
As we have said, interest rates will go down next year. This is happening for several reasons, including the current state of the economy and upcoming rules from the government, as well as the fact that the market needs to return to “normal” as it was before COVID.
But, just like the stock, they occasionally go up and down. So, when prices go up, the market will favor sellers, but when interest rates go down, the buyers will be in a better position. But even though the market is stable, homeowners and real estate agents should still be aware of some risks.
These risks include the possibility that home values will go down, housing prices will go up, and the economy will slow down. To reduce these risks, homeowners and agents should keep a close eye on the market, choose wise investments, and stay organized.
Finishing Touch
Ultimately, based on these trends and forecasts, the Washington real estate market in 2023 will be incredibly dull. Those looking to invest or buy a home should do so sooner rather than later; things may worsen. However, while it might not be as exciting as you were hoping, there are still some good buys out there if you’re preparing to look for them!
