How is it possible that it is still a seller’s market? For some, the answer to this question may be self-evident. Others may find the answer perplexing. In this report, we will examine how the market is performing and why things are going so well for the seller by looking at the 7-day statistics for this month. Before we wrap up, we’ll also discuss why this happened last.
So, are you curious about the first seven days of November, Homes for Sale in Bothell Wa statistics? You’ve arrived at the right place. To learn what we think you should do and what the future of interest rates looks like, please read the entire report, whether you want to buy or sell a home.
November 7 Day Real Estate Market Update
You would know that the market in October was nothing out of the ordinary if you had read our previous reports. Buyers are delaying the purchase of their homes as a result of rising mortgage rates. But how has this trend transitioned into November?
At the start of this month, November demonstrated the anticipated growth. We had anticipated this, even though fewer homes are being sold. You must already be aware of this if you regularly read our reports.
Running Seven-Day Average
As the name suggests, the seven-day average is a market trend indicator for the previous seven days. It provides information on recent events, is an excellent short-term indicator, and detects trends earlier than annual reports.
- New Listing — 901
- Listing Sold — 870
- Listing Pending — 1086
Compared To Last Month
It’s time to examine the November seven-day real estate statistics and compare them to the same month last year. And the figures for this year are as follows! Sales are increasing, inventory is decreasing, and prices are also dropping.
● Home sales increased by 122.8% on average.
● The number of listings sold is down by 2.1%.
● Under the contract decreased by 9.2%.
● Sold price vs. The original price is up by 46%.
Now is a great time if you’re considering buying or selling a home this year. Purchasing a home now and refinancing it in the upcoming quarter, when there will be a lot more demand for homes, is a great way to take advantage of this opportunity.
Compared To Last Year
When we compared the numbers from these steps to November 2021. Here’s what we discovered:
● The median number of homes for sale in WA down by 3.6%.
● The number of listings sold is up by 211.8%.
● The number of homes under contract was down by 20.5%.
● Sold price vs. The original price is down by 18.2%.
Despite a significant slowdown from last year, the housing market remained robust. The start of a housing recovery is encouraging. In the coming months, we’ll keep an eye on the housing market to see if these trends continue.
Why is It Still The Seller’s Market?
Because of the high mortgage rates, many sellers were reluctant to put their homes on the market, making this a seller’s market even today. These properties are now highly sought-after by those serious about buying a home. It is also a market that benefits sellers because they hold most of the power and can decide whether to sell their homes now or wait for interest rates to fall and the market to get out of control. We used these terms because many buyers will emerge from hiding to purchase homes in the upcoming first quarter of this year. Due to the intense competition to purchase their homes, this will be a fantastic opportunity for the sellers. In light of this, if you are a seller, you shouldn’t worry and should instead rest assured that things will only get better for you moving forward.
Conclusion
This is a seller’s market, not because we are seeing astronomically high home sales but because we are still getting excellent reliable deals. This demonstrates that well-priced homes are always in high demand and sought-after buyers. Finally, we advise thorough planning before engaging in any market activity. The interest rate is expected to drop when patient buyers start looking for homes in the coming year. If you take advantage of that opportunity, you might be able to make a lot of money.
