November Mid-Month market watch data from the NWMLS:
- New listings: 1096
- Back on market: 262
- List price reduced: 1129
- List price increased: 68
- Contingent: 69
- Listing expired: 109
- Listing pending: 1684
- Listing sold: 1093
- Listing canceled: 342
Based on this data, it appears that the real estate market in this area is still relatively active, with a high number of new listings and pending sales. However, there are also a significant number of listings that have been canceled or expired, which may indicate that buyers are becoming more cautious or that there is an oversupply of homes on the market.
The fact that more listings have had their prices reduced than increased may also suggest that sellers are becoming more willing to negotiate in order to make a sale.
Overall, the real estate market in this area appears to be in a state of flux, with both positive and negative indicators. It will be interesting to see how the market develops in the coming months.
Here are some additional insights that can be gained from this data:
- The number of new listings is almost equal to the number of listings sold, which suggests that the market is in balance.
- The number of listings that have been back on the market is relatively high, which may indicate that buyers are not finding the right properties or that there is too much competition.
- The number of listings that have had their prices reduced is significantly higher than the number of listings that have had their prices increased, which suggests that sellers are becoming more willing to negotiate.
What does this mean for Buyers and Sellers?
Buyers:
More negotiation power: With more listings having their prices reduced, buyers have more opportunities to negotiate favorable terms.
Potential challenges in finding the right property: The high number of back-on-market listings suggests that competition for attractive properties may be intense.
Importance of acting quickly: The strong buyer demand indicated by the high number of pending listings suggests that buyers should act promptly to secure their desired properties.
Sellers:
Need for flexibility in pricing and terms: To compete in this balanced market, sellers may need to be more open to negotiating pricing and terms.
Potential for a quick sale: The high number of pending listings suggests that sellers have a good chance of selling their properties quickly.
Importance of preparing the property well: A well-prepared property is more likely to attract buyers and command a higher price.
In general, the current real estate market appears to be favorable for both buyers and sellers. Buyers have more negotiating power, while sellers have the potential for a quick sale. However, both parties should be prepared to act quickly and be flexible in their expectations to succeed in this dynamic market.
