Standing amidst the melting snow in a backyard in Washington, the reality of the current real estate market becomes easy to understand. This region, known for its logging history and towering Douglas firs, is experiencing a fascinating phase in its market on housing, one that favors sellers. Let us delve into the market memo numbers from January 8 through January 15, 2024. So we understand what is happening in the current real estate trends in Washington.
Latest Washington Real Estate Trends
The State of the Market: A Snapshot
During this one week, new listings in the market numbered 23, while pending listings were slightly lower at 21. It indicates that 21 properties went under contract in just a week, a robust sign of market activity. However, only 17 listings closed within this time frame.
A critical metric to consider is the average number of days on the market. For the properties that pended, it took an average of 36 days, while those that closed averaged 37 days. Currently, the total number of listings on the market stands at 267, with an average duration of 122 days on the market. This slight increase in market duration indicates a nuanced shift.
Market Dominance of a Seller: What the Numbers Say
The key to understanding the market dynamics lies in the ratio of the weekly contracted houses to the total listings. With 21 houses going under contract against the backdrop of 267 total listings, the market could clear its inventory in approximately 12 weeks if the current trend continues. This speed of sales firmly places the market in the seller’s category.
Historically, a shift towards a buyer’s market is anticipated when the inventory duration extends to about 25 weeks, nearly double the current duration. Until then, significant price changes are unlikely, reinforcing the strength of a seller’s market.
Looking Ahead: Predictions and Expectations
As we approach spring, a season typically associated with increased real estate activity, the number of new listings that will rise is very much expected. However, this increase might occur at a faster rate compared to the growth in pending listings. The trajectory of this market will affect fluctuations in interest rates. A drop in the rates could further energize the market, while stability or an increase might slow down the pace.
For those looking to navigate this dynamic market, seeking expert advice is crucial. Valley Market Real Estate offers a team of knowledgeable professionals who can provide insights and guidance. To connect with an expert, visit Valley Market Real Estate and explore our team.
