This is the first installment of a new monthly series for the Phinneywood Blog by realtor Doron Weisbarth, looking at our local real estate trends.
The 2020 real estate trend in our PhinneyWood neighborhood continued strongly into December. As you’ll see in the slides below, demand is still at an all-time high, supply at an all-time low, and the result is an aggressive seller’s market with strong price gains and declining time on market.
How low was inventory in our neighborhood in December 2020? For the first time in over 15 years, we did not have a single new listing, of any kind, come on the market last month – zero! If a single number could tell an entire story, that probably is it, right there.
With interest rates at record low, and expected to stay that way for the foreseeable future, the demand is only going to intensify. Many tech buyers, who were told to continue working from home, are looking in areas outside of Seattle, where they can get larger homes for a more affordable price. But there are still plenty of buyers who want to stay in urban areas like ours, so sellers are still going to reap the benefits of this market for a long time.
Click here to check out the graphic comparison of all the data.