Are you interested in knowing the real estate statistics for October? If so, you are in the right spot. We’ll compare this month’s seven-day stats to those from October of last year and last month. We’ll also share our insight into the state of the market. Therefore, whether you want to buy a home or sell your home, please read the entire report to find out what we think you should do and what the future of interest rates looks like.
October Stats
If you read our previous reports, you would know that the market for September was nothing out of the ordinary. Due to the rising cost of borrowing money, buyers are delaying their home purchases. But how has this trend transitioned into October?
Well, at the beginning of this month, October showed remarkable growth. Even though fewer homes up for sale are being sold in WA, this is not something we hadn’t anticipated. If you frequently read our reports, you already know this.
Running Seven-Day Average
As its name implies, the seven-day average is a market trend indicator for the previous seven days. It provides information on recent events, serves as an excellent short-term indicator, and detects trends earlier than yearly reports.
New Listing — 1160
Back on The Market — 191
List Price Reduced — 1405
Listing Expired — 174
List price Increased — 50
Listing Sold — 1124
Contingent — 40
Listing Pending — 1241
Listing Cancelled — 318
Compared To Last Month
It’s time to look at the real estate numbers for August and see how they compare to the same month last year. And this year, the numbers are given below! Sales are up, inventory is down, and prices are also down.
- Home sales were 460, and they increased by 3.6% on average.
- The number of listings sold was four and is up by 0.3%.
- Under the contract, homes are 26, which decreased by 1.2%.
- Sold price vs. The original price was 104, down by 10.1%.
If you’re thinking about doing so this year, now is a great time to buy or sell a home. A great way to take advantage of this opportunity is to purchase a property now and refinance it in the upcoming quarter when there will be a lot more demand for homes.
Compared To Last Year
When we compared October 2022 to the numbers from October 2021. Here’s what we found:
- The average number of homes for sale is up by 122.6%.
- The number of listings sold is down by 2.4%.
- The number of homes under contract was down by 18.7%.
- Sold price vs. The original price is down by 16.2%.
Despite a slight slowdown from September to October, the WA real estate market was still strong. The beginning of a recovery in home sales is encouraging. We’ll monitor the housing market in the upcoming months to see if these trends persist.
Our Predictions
Therefore, the time has come to respond to the original query, “Is it a blessing for buyer relief?” or “Are we experiencing a real estate market dump?” We’ll tell you right now that it’s a blessing, not a curse. Additionally, if you are concerned about the outcome of foreclosures due to rising interest rates, let us assure you that there is no need for concern and that the rate of foreclosures is not out of control. In actuality, we are doing much better if we compare them to the pre-COVID years.
So, if you want to invest, buy, or sell but are concerned about a repeat of what happened in 2008, don’t be concerned! The circumstances are entirely different, and there will be no market crash.
Conclusion
Even when it comes to luxury real estate, homes are selling for great prices even though the market in WA is slowing down in October! But from this point forward, the pace of this trend will slow. However, if you wait and practice patience, you will be rewarded in the long run with better prices because all the other agents and investors will move.
