Lewis County WA December 2022 Real Estate Market Update

It’s time for your December 2022 Market Update for Lewis County, WA! Is the market finally crashing? Let’s jump right in!

December 2022 Market Update in Lewis County

Hey its your favorite local Realtor, Eren Millam w/ Premiere Property Group. I specialize in all things Lewis County because it’s where I live, work, & play. If this is your first time seeing me, I do 1-2 videos a week covering the market, reacting to real estate gurus, educating and informing you to make the best financial decisions when it comes to real estate. If you’d like to learn more about me, upcoming events in the area, or check out my weekly blog, you can visit my website, LewisCountyHomes.com.

Let’s Review the Market Data & Trends

Now, if you’re like most people I talk to, you probably think the real estate market is crashing and the sky is falling. Granted, the sky IS falling, but real estate is not crashing! With that said, prices went DOWN in November. BUT, data without context is why so many people have false beliefs about most things in life so let’s take a look at the charts, shall we?

Home Prices

If we look at the last year, or the last couple of years, we see prices going up AND down on a monthly basis but we have an overall upward trend. If we examine the last six months, we see the same up and down movement with a flattening trend. You’ll notice it looks like the market just kind of hit the pause button once interest rates started jumping up.

Buyer Demand

We normally lose about a third of buyers in the winter months with about a 60% decrease in inventory over the same period. This year, we’ve lost about 60% of buyers with that same decrease in inventory. Those buyers are not gone, they’re waiting to see what interest rates do.

Inventory Supply

Our inventory is still low compared to the last 15 years and we have a building a shortage. As long as interest rates remain the same or lower, the buyers will come back.

Real Estate Market Fluctuations & Trendlines

The market will continue to go up and down but it does appear we have reached our new baseline. I keep saying this, but it bears repeating. In 2008 homes lost 25% of their value. A similar drop would put us in the 2^nd quarter of 2021. While none of the factors that caused the crash in 2008 are present in today’s market, it’s clear that these prices are here to stay.

If this was helpful to you in any way, consider giving it a like so more people who have the same question can see it and subscribe to my channel so you don’t miss any need to know information about our current market. I am seeing many people losing 10s of thousands of dollars just because they don’t know what the market is actually bearing. And remember, never settle for anything less than extraordinary!

Again, I’m Eren Millam with Premiere Property Group, and remember, Extraordinary Service delivers Extraordinary Results!

---

If you’re thinking of buying or selling your home in the west Lewis County area, contact me today! I’d love to hear from you! Eren Millam – Managing Broker Premiere Property Group, LLC WA License No. 26933

Chehalis, WA 98532 | Centralia, WA 98531 | Adna, WA | Napavine, WA | Onalaska, WA 98570 | Rochester, WA 98579 | Vader, WA 98593 | Winlock, WA 98596 | Boistfort, WA 

Call/Text: (360) 219-3616 | Email: Eren@LewisCountyHomes.com

Check us out on FB: https://www.facebook.com/erenmillamrealtor

Want to Search for Lewis County homes? Do that here: https://lewiscountyhomes.com/homes-for-sale-search/

Are you a first-time home seller? Take this FREE Virtual Seller Seminar: https://seminar.lewiscountyhomes.com/

Considering selling your home? Get your FREE Market Analysis: https://cma.lewiscountyhomes.com/

Get your FREE Buyer & Seller Guide: https://about.lewiscountyhomes.com/

Want to stage your home to increase its perceived value? Check out my FREE Staging Guide: https://staging.lewiscountyhomes.com/