What is the Housing Market doing this Month?
If you haven’t been paying attention to any of my other market updates, you might be shocked to find out what I’m sharing with you today. Whether you are or not, I’m here to break down what’s happening here in our local real estate market update in April 2023, so you can make the best decision for you and yours!
April 2023 Market Update
So just like I promised, the numbers changed…
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. I’ve been in the industry almost a decade, much of that time spent setting the bar for customer service, social & digital marketing, and shattering pricing records. 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.
Now, they did go up as I expected but overall are still down which I did NOT expect. In my last video, , you’ll remember that all the strength of the market indicators are putting upward pressure on price. So why did it go down a smidge? Let’s take a look.
Average Sales Price
The data seems to be forming a bunch of M’s, for Millam, of course! Joking aside, it seems to be going up and down on a monthly basis, which points to uncertainty in the market place. However, we do seem to be floating around a $410,000 average sales price for the last 6 months.
The next thing I notice is that from the peak in June of ’22 the market dropped from July through September. We’ve never been lower than September’s average of $409,163 from that point through today’s average of $412,153. What that means over the last 6 months, while everyone is screaming about an impending crash, is that we have been experiencing growth, at an upward trend around a $6,000 / year average – which is a 1.5% yearly appreciation. This FEELS like a massive drop because we were experiencing nearly 20% yearly appreciation. The market did appear to crash last year from July through September, about 7%.
Average Sales Price Trends
Take another look at this graph. This shape appears to have happened before. Near the end of 2010. At that time, the market freefall stopped and we maintained more or less pricing averages for nearly 3 years until the market started its upward trajectory.
At that time, we had high inventory and low demand. We’re in a completely different market with low inventory and high demand building behind this government dam of interest rates. Once we have market certainty or buyers have acclimated to interest rates, what do you think will happen? Do you remember in 2018 when we thought prices were high? 5 years later they’ve doubled. Just something to think about.
Closing Thoughts on the April 2023 Market Update
If this was helpful to you in any way, consider giving it a share so more people who have the same question can see it and consider subscribing to my YouTube channel so you don’t miss any need to know information about our current market. Again, I’m Eren Millam with Premiere Property Group, and remember, never settle for less than extraordinary!
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 98522 | Boistfort, WA 98538 | Napavine, WA 98565 | Onalaska, WA 98570 | Rochester, WA 98579 | Toledo, WA 98591 | Vader, WA 98593 | Winlock, WA 98596
Call/Text: (360) 219-3616 | Email: Eren@LewisCountyHomes.com
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