Is November’s housing market not biased toward anyone and balanced for both sellers and buyers? Some people might need clarification on this information; therefore, we will In this article, we’ll examine whether it’s worthwhile to buy and sell homes. Finally, we will look at what factors might precipitate a change in the coming months during this period of high mortgage rates.
If you’re interested in learning more about the November real estate statistics, you’ve arrived at the correct location. We’ll contrast this month’s numbers with those from a year
ago. So, whether you’re looking to buy or sell a home, we encourage you to read the entire report to find out what we advise and what the future of interest rates hold
November 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
The seven-day average is a type of market trend indicator that looks back over the preceding weeks’ worth of data, as its name suggests. It is a great short-term indicator, and it identifies patterns earlier than annual reports do. Also, it offers information on recent occurrences.
New Listing — 788
Listing Sold — 880
Listing Pending — 1007
Back on The Market — 150
List Price Reduced — 861
Listing Expired — 130
List price Increased — 36
Contingent — 33
Listing Cancelled — 284
Compared To Last Year
When we compared the results of these processes to the numbers for November 2021, we found. The following is what we found out:
- Home sales increased by 197.3% on average.
- The number of listings sold is down by 4.5%.
- Under the contract decreased by 21.8%.
- Sold price vs. The original price is up by 19.4%.
If you are thinking about buying or selling a property this year, you couldn’t have picked a better moment than right now. A fantastic strategy for capitalizing on this opportunity would be to purchase a property right now and then refinance it in the next quarter when there will be a significantly higher demand for homes.
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.
- The median number of homes for sale in WA is down by 6.9%.
- The number of listings sold is down by 12.7%.
- The number of homes under contract was down by 7.5%.
- Sold price vs. The original price is down by 9.3%.
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.
What Is A Neutral Market?
To maintain a real estate market that is neutral for everyone, there needs to be a system in place that allows for fair and equal access to all buyers and sellers. A real estate market that is neutral for everyone allows for an open market where everyone can participate, and it promotes stability and confidence in the industry.
When it comes to real estate, having a market that is neutral for everyone promotes a level playing field for buyers and sellers, which ensures that everyone has an equal opportunity to acquire the best possible deal. This structure also encourages competition, which ultimately leads to improved costs and services for all parties involved. Homebuyers and sellers benefit from an environment that is stable and secure for investment, and a healthy economy is maintained as a result of a real estate market that is neutral for all parties involved.
This is a neutral market, not because we are seeing astronomically expensive homes for sale 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 investors start looking for homes in the coming year. If you take advantage of that opportunity, you can make a lot of money.