Are you curious about the state of the WA real estate market in August 2022? When compared to July of 2021 or last month, how was it? The following report contains the answers to all of these queries and more. Additionally, there will be some forecasts for the future of the market and an explanation of why some things declined and others increased.
However, in addition to comparing the sales figures with July 2022 and 2021, we will also do so with 2019. If you're curious as to why, it's because it was the final year before COVID-19 altered the course of history.
We're going to take a look at the WA Luxury Real Estate statistics for August in this article. We'll also discuss what this means for the future of the market and whether or not we can expect to see a further rebound in the months to come.
August's Sales Stats
August showed really good growth at the start of the month. This is seasonally normal because every year more people buy homes after July 4th. This upward trend started slowing down a little towards the end of the month. The reason behind this is also very clear and expected. As the winter comes closer and closer, fewer and fewer people, this is a yearly phenomenon and happens all the time. But there are still plenty of people out there buying and selling homes - and August's numbers show that the market is slowly starting to rebound.
Infact, this is great for buyers because this narrows the home options for sellers, making it more likely that a buyer would seriously consider purchasing your home. This will be explained in detail below.
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Active - 1200.
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New- 3,000.
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Pended - 3,000.
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Sold - 8,000.
Compared To July
The August real estate numbers are in, and they show a slight decrease compared to July. However, the overall trend is still positive, with prices continuing to rise in most markets. Here's a quick rundown of the August numbers, compared to July:
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The average number of homes for sale was down by 4.8%.
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The number of listings sold was up by 9.3%.
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The number of homes under contract was up 15.6%.
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Sold price vs. the original price was down by 2%.
Overall, the August numbers show a slight decrease compared to July. However, the positive trend is still intact, with prices continuing to rise in most markets.
Compared To Last Year
It's now time to take a look at the real estate numbers for the month of August and see how they compare to the same month last year. And this year, the numbers are looking good! Sales are up, inventory is down, and prices are steady.
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The average number of homes for sale was up 100.2%.
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The number of listings sold was down by 23.1%.
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The number of homes under contract was down by 17.1%.
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Sold price vs. the original price was down by 7.7%.
If you're thinking of buying or selling a home this year, now is a great time to do it. The market is in favorable condition now, and there's no telling how long it will stay that way. So, if you're on the fence, jump in and make your move!
Compared To 2019
When we compared August 2022 to the numbers from August 2019. Here's what we found:
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The average number of homes for sale is down by 8.5%.
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The number of listings sold is up by 2.4%.
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The number of homes under contract was up by 4.2%.
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Sold price vs. the original price is up by 10%.
Overall, the August 2022 real estate market was slightly down from August 2019 but still healthy. Prices continue to rise, although the number of homes on the market is falling. It's good to see that home sales are starting to rebound and that prices are starting to increase again. We'll be keeping an eye on the housing market to see if these trends continue in the coming months.
The Bottom Line
In August, the market exploded! Although, we will now experience a slowing trend through September. However, if you simply exercise patience and wait, you will be rewarded in the long run with better prices as all the other agents and investors will relocate.