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Weekly Market Update – Pending Home Sales Trend Up in 2023

Weekly Market Update - Pending Home Sales Trend Up in 2023

With the housing market continuing its steady growth, it’s no wonder the pending sales trend this past weekend was at an all-time high since last spring. Pending home sales grew by more than 40% month-over-month in the last week of January. Below we tell you everything we know about the pending home sales trend so far this year – and how it relates to our forecasts for the future.

Running Seven-Day Average

As the name suggests, the seven-day moving average shows the market’s movement over the past week. It informs us of recent happenings, serves as a fantastic indicator of short-term trends, and spots changes in the surrounding environment well before the annual reports that typically cover such matters. Please find below the weekly average as of January 28.

New Listing   —     730

Listing Sold   —         471

Listing Pending   —       1215

Back on The Market —       104

List Price Reduced     —         441

Listing Expired   —       43

List price Increased  —            51

Contingent     —       42

Listing Cancelled   —     123

Considering the 104 homes listed as “back on the market” in the table above, this is a significant consideration for purchasers. To put it simply, if a home is “back on the market,” it means that an earlier agreement to sell it fell through and the seller is now trying to find new buyers. Buyers should seize the opportunity presented by such sales because the seller is eager to close the deal. 

It’s important to note that 441 listings have dropped their asking prices. This does not indicate a crashing market. Instead, the original prices for these homes were too high, and they have since been lowered to more reasonable levels.  

The homes that are priced appropriately, as opposed to those that are overpriced, will sell much more quickly, which is why we always recommend that sellers follow this advice. 

Finally, let’s look at the 1215 homes currently pending for sale; this is the highest number we’ve seen since last October. The market’s momentum is improving, which is a very encouraging sign. Hence, we would call it the “new norm” in the market.

Let’s look at how the current market stacks up against historical norms.

Compared To The Previous Month

Look at this table to see how last week’s data compares to the previous months.

  • Average housing inventory levels have dropped by 13.3 percent.
  • Increase in active listings by 63.9% 
  • Listings are selling at a 26.9% lower rate.
  • More homes were under contract, up 44.9%.

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!

  • As a result, 172 percent more homes are now than a year ago.
  • There has been a 12% decrease in the number of new listings.
  • The percentage of listings that were sold dropped by 36.2%.
  • We see a decline of 1.2% in the number of houses under contract.

Consider this your official warning that now is the time to buy or sell a luxury home in the WA real estate market.

Compared to Last Year

The following was found when we contrasted the January 2023 and January 2022 numbers:

  • The median number of houses on the market has increased by 172 percent.
  • New listings are down by 12%.
  • The number of listings sold is down by 36.2%.
  • There are 1.2% fewer homes under contract.

Weekly Market Update

What Pending Homes Mean For The Market?

Pending homes can be a significant driver of real estate prices, as they indicate an increase in demand. The number of homes pending is a good indicator of the market’s health and can be used to predict future trends.

As more people become interested in purchasing a home, the number of pending homes will continue to rise. This will cause prices to go up as more buyers compete for limited housing stock. If you’re looking at homes for sale in Bothell, it’s essential to keep an eye on the pending homes index, as it may provide you with valuable information about the current state of the market.

Ending Remarks

Pending home sales have risen over the past week, suggesting that the market is resilient despite the recent economic downturn. With this information, buyers and sellers can rest assured that the housing market is still active. To make the best decisions for your family, whether buying or selling a home, you must keep up with the market and the latest developments.

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