Is the Housing Market Crashing Yet?
Have the negative headlines kept you from buying or selling real estate here in Lewis County Wa? Are you nervous about buying or selling because you’re waiting to see what the market is going to do? That’s what I’m here for. I’m here to break down what’s happening here in our local real estate market in October 2022, so you can make the best decision for you and yours!
October 2022 Market Update
Hey, it’s your favorite bearded realtor, Eren Millam with Premiere Property Group. I get asked this question often! Is now a good time to sell in the twin cities of Centralia, WA 98531 & Chehalis, WA 98532 and the surrounding areas? I also get asked if we are we going to see a crash, and what should people do with their home?
It can be so confusing with the constant changes in the market to know what the best decision for your family will be. I totally understand, I’m in the industry and have been for nearly a decade and I am here to help you navigate this market. I’ve done hundreds of real estate transactions and when answering these questions it’s always a good idea to look at the data and what’s happening in the market so that you can make an educated and informed decision. So let’s see what the market looks like here locally in the month of September. Below is your October 2022 Market Update.
Chehalis WA 98532
Let’s take a look at what’s happening in Chehalis, WA 98532. At the time of this recording, there are 103 active listings, down 26 units from the beginning of the month. 33 homes pending, and 36 homes were sold in the last 30 days, which is up 9 units from the previous month. Homes sold for an average of $416,855 which is down nearly 70k from last month’s highest historical peak is history – still up nearly $80,000 from the beginning of the year. Average days on market went up from 20 days to 26 days is where we’re out now in Chehalis.
Centralia WA 98531
In Centralia, WA, we have 131 active homes on the market, down 4 units with 45 pending and 37 sold in the last month which is up 2 units. The average sale price was $317,235, down about 80k from last month, but still about 14k above where we were in January. Currently the average days on market is 29, with no change from the prior month.
Lewis County WA Market Update September 2022
And in Lewis County overall, we have 348 active homes on the market, down from 380, with 117 pending (up 1 unit) and 111 sold in the last month. The average sale price was $402,889 – which is down 30k from last month and down 15k from January. Average days on market is currently sitting at 30, up from 24 in the broad county.
Analyzing the Local Real Estate Market
We’re seeing some big swings in the prices from month to month. This is typical for what we’ve been seeing the last few years but atypical for the “normal” market. Perhaps a better metric is a 3 month rolling average which shows the market is down about 18k from the previous month. We HAVE seen the market move like this before, but typically over a couple months, usually October through December. Part of it is you have a lot of buyers and sellers leaving the marketplace during the colder months. This year, interest rates pushed them out early. However, the stats show we’re still higher than when we started the year. Better still, we’re 275,000 higher than when the market started its upswing in March of 2015.
With the changing market, it is no surprise to us that homes are staying on the market longer. With the constant shifts, you need an experienced agent to help you navigate through your next moves in real estate. Connect with my team today to get more information and we can strategize about what to do with your home. I’m Eren Millam and remember, Extraordinary Service delivers Extraordinary Results!
Watch the October 2022 Market Update Here
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
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